9, eff. TRANSFER OF RECORD OR LEGAL TITLE. (40) "Fixture filing" means the filing of a financing statement covering goods that are or are to become fixtures and satisfying Sections 9.502(a) and (b). [We will charge you $________ for the explanation if we sent you another written explanation of the amount you owe us within the last six months.]. (3) indicate that the pre-effective-date financing statement remains effective. (2) If Subdivision (1) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction. If a transaction is evidenced by records that include an instrument or series of instruments, the group of records taken together constitutes chattel paper. (B) indicate whether the name provided as the name of the debtor is the name of an individual or an organization; (6) in the case of an assignment reflected in an initial financing statement under Section 9.514(a) or an amendment filed under Section 9.514(b), the record does not provide a name and mailing address for the assignee; (7) in the case of a continuation statement, the record is not filed within the six-month period prescribed by Section 9.515(d); or. (1) a record does not provide information if the filing office is unable to read or decipher the information; and. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms. (3) an initial financing statement that provides the information as amended and satisfies Section 9.806(c) is filed in the office specified in Section 9.501. (b) A purported or apparent acceptance of collateral under this section is ineffective unless: (1) the secured party consents to the acceptance in an authenticated record or sends a proposal to the debtor; and. (b) To keep the filing-office rules and practices of the filing office in harmony with the rules and practices of filing offices in other jurisdictions that enact substantially this subchapter, and to keep the technology used by the filing office compatible with the technology used by filing offices in other jurisdictions that enact substantially this subchapter, the Secretary of State, so far as is consistent with the purposes, policies, and provisions of this chapter, in adopting, amending, and repealing filing-office rules, shall: (1) consult with filing offices in other jurisdictions that enact substantially this subchapter; (2) consult the most recent version of the Model Administrative Rules promulgated by the International Association of Commercial Administrators or any successor organization; and. (e) A person that receives a request for an accounting or a request regarding a statement of account, claims no interest in the obligations when it receives the request, and claimed an interest in the obligations at an earlier time shall comply with the request within 14 days after receipt by sending to the debtor an authenticated record: (1) disclaiming any interest in the obligations; and. DISPOSITION OF COLLATERAL AFTER DEFAULT. The communication must be made at the time and in the manner prescribed by filing-office rule, but in the case of a filing office described in Section 9.501(a)(2), in no event more than two business days after the filing office receives the record. 1.01, eff. (g) A secured party that receives cash proceeds of a disposition in good faith and without knowledge that the receipt violates the rights of the holder of a security interest or other lien that is not subordinate to the security interest or agricultural lien under which the disposition is made: (1) takes the cash proceeds free of the security interest or other lien; (2) is not obligated to apply the proceeds of the disposition to the satisfaction of obligations secured by the security interest or other lien; and. AMENDMENT OF FINANCING STATEMENT. 414, Sec. 565 (S.B. (2) While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral. If the former Following is a sample letter you may write to the landlord: Rev. (2) property that becomes collateral under Section 9.315(a)(2), whether or not the security agreement expressly covers proceeds. (a) Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person: (1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and. Acts 2021, 87th Leg., R.S., Ch. 1, eff. (B) to perfect or continue the perfection of a security interest. (81) "Transmitting utility" means a person primarily engaged in the business of: (A) operating a railroad, subway, street railway, or trolley bus; (B) transmitting communications electrically, electromagnetically, or by light; (C) transmitting goods by pipeline or sewer; or. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Chapters 3, 7, 8, and 12. (B) in a separate part of the financing statement: (i) if the name is provided in accordance with Paragraph (A)(i), indicates that the collateral is held in a trust; or. (a) Except as otherwise provided in Subsection (b), communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing. 1.01, eff. (a) Except as otherwise provided in Subsection (b), a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money, or tangible chattel paper by taking possession of the collateral. Sec. 1, eff. If the situation is a bit more extreme, then you may have to send the tenant a notice to clean up or quit the premises. The term includes the filing of a financing statement covering goods of a transmitting utility that are or are to become fixtures. (2) if the amendment relates to an initial financing statement filed or recorded in a filing office described in Section 9.501(a)(1), provides the information specified in Section 9.502(b). (b) In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition. (2) a debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default or the secured party: (A) sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained; (B) in the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and. If an initial financing statement is filed under Section 9.514(a), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement. (2) the chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser. Sec. (d) Approval under Subsection (c) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable. Added by Acts 1999, 76th Leg., ch. Sec. (3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under Section 9.607 unless the failure to do so would be commercially unreasonable. 3, eff. Amended by Acts 2001, 77th Leg., ch. Sec. Welcome to Patent Public Search. Acts 2021, 87th Leg., R.S., Ch. 3, eff. 4474), Sec. 9.520. 2, eff. Acts 2007, 80th Leg., R.S., Ch. (a) Subject to Section 9.509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to Subsection (e), otherwise amend the information provided in a financing statement by filing an amendment that: (1) identifies, by its file number, the initial financing statement to which the amendment relates; and. 1.01, eff. (68) "Public-finance transaction" means a secured transaction in connection with which: (B) all or a portion of the securities issued have an initial stated maturity of at least 20 years; and. (j) Repealed by Acts 2021, 87th Leg., R.S., Ch. July 1, 2013. If it is determined for another reason that the collateral secures an obligation, a security interest held by the consignor, lessor, bailor, licensor, owner, or buyer that attaches to the collateral is perfected by the filing or compliance. 9.306. (g) A registered organization continues to be located in the jurisdiction specified by Subsection (e) or (f) notwithstanding: (1) the suspension, revocation, forfeiture, or lapse of the registered organization's status as such in its jurisdiction of organization; or. 9.341. 19, eff. Group similar declarations together, placing public parts earlier. 1593), Sec. (d) Subject to Subsection (e) and except as otherwise provided in Subsection (f), if a security interest in chattel paper, deposit accounts, negotiable documents, instruments, investment property, or letter-of-credit rights is perfected by a method other than filing, conflicting perfected security interests in proceeds of the collateral rank according to priority in time of filing. (C) the account debtor knows that the assignment to that assignee is limited. (3) is not obligated to account to or pay the holder of the security interest or other lien for any surplus. Sec. July 1, 2001. (g) If this state has issued to an individual more than one driver's license or, if none, more than one identification card, of a kind described in Subsection (a)(4), the driver's license or identification card, as applicable, that was issued most recently is the one to which Subsection (a)(4) refers. 414, Sec. 1, eff. 9.328. Except as otherwise provided in Subsections (e) and (f), a security interest in fixtures is subordinate to a construction mortgage if a record of the mortgage is recorded before the goods become fixtures before the completion of the construction. Entry fee. Forms. (f) Except as otherwise provided in Subsection (i), a registered organization that is organized under the law of the United States and a branch or agency of a bank that is not organized under the law of the United States or a state are located: (1) in the state that the law of the United States designates, if the law designates a state of location; (2) in the state that the registered organization, branch, or agency designates, if the law of the United States authorizes the registered organization, branch, or agency to designate its state of location, including by designating its main office, home office, or other comparable office; or. 9.803. Amended by Acts 1999, 76th Leg., ch. 9.335. WebEnter the email address you signed up with and we'll email you a reset link. (3) The contents of a notification providing substantially the information specified in Subdivision (1) are sufficient, even if the notification includes: (A) information not specified by that subdivision; or. (b) A debtor may waive the right to require disposition of collateral under Section 9.620(e) only by an agreement to that effect entered into and authenticated after default. Geraldine Goh, 4538 Jlan 12/86, 46200 Petaling Jaya, Selangor. 3.03 and amended by Acts 2001, 77th Leg., ch. 414, Sec. Sec. (1) a debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default; and. (c) A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor. Acts 2005, 79th Leg., Ch. (c) This section is subject to law other than this chapter that establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes. (2) The local law of the issuer's jurisdiction as specified in Section 8.110(d) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in an uncertificated security. Stainless steel's resistance to corrosion results from the chromium, which forms a passive film that can protect the material and self-heal in the presence of oxygen. (4) "Accounting," except as used in "accounting for," means a record: (B) indicating the aggregate unpaid secured obligations as of a date not more than 35 days earlier or 35 days later than the date of the record; and. Acts 2011, 82nd Leg., R.S., Ch. MODIFICATION OF ASSIGNED CONTRACT. Modularity rating: 5 Each section can be separated and used as students' needs are assessed. (a) In this section, "value" has the meaning provided in Section 3.303(a). June 13, 2001. FUTURE ADVANCES. RESTRICTIONS ON CREATION OR ENFORCEMENT OF SECURITY INTEREST IN LEASEHOLD INTEREST OR IN LESSOR'S RESIDUAL INTEREST. (b) Except as otherwise provided in Subsection (e), the fee for filing and indexing an initial financing statement of the following kinds is: (1) $60 if the financing statement indicates that it is filed in connection with a public-finance transaction; (2) $60 if the financing statement indicates that it is filed in connection with a manufactured-home transaction; and. (b) Except as otherwise provided in this section, the following rules determine a debtor's location: (1) A debtor who is an individual is located at the individual's principal residence. SECURED PARTY OF RECORD. Sec. 917, Sec. If a test fixture class is defined outside of the .cc file it is used in, for example in a .h file, make data members private. (4) by an assignee for the benefit of creditors. July 1, 2001. RESTRICTIONS ON ASSIGNMENT OF PROMISSORY NOTES, HEALTH-CARE-INSURANCE RECEIVABLES, AND CERTAIN GENERAL INTANGIBLES INEFFECTIVE. (b) A security interest in deposit accounts, electronic chattel paper, virtual currencies, letter-of-credit rights, or electronic documents is perfected by control under Section 7.106, 9.104, 9.105, 9.107, or 9.1071 when the secured party obtains control and remains perfected by control only while the secured party retains control. Amended by Acts 2001, 77th Leg., ch. SECURED PARTY NOT OBLIGATED ON CONTRACT OF DEBTOR OR IN TORT. September 1, 2021. A secured party may perfect a security interest in certificated securities by taking delivery of the certificated securities under Section 8.301. June 13, 2001. 9.320. (a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor's rights in the collateral; (3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and. 1.01, eff. (e) Subsection (d) does not apply to the sale of a payment intangible or promissory note, other than a sale pursuant to a disposition under Section 9.610 or an acceptance of collateral under Section 9.620. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest or agricultural lien is first perfected, if there is no period thereafter when there is neither filing nor perfection. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides: (1) a description of the collateral pursuant to Section 9.108; or. Sec. July 1, 2013. June 13, 2001. September 1, 2005. 9.510. 414, Sec. Sec. Sec. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer. (g) If more than one security interest qualifies for priority in the same collateral under Subsection (a), (b), (d), or (f): (1) a security interest securing an obligation incurred as all or part of the price of the collateral has priority over a security interest securing an obligation incurred for value given to enable the debtor to acquire rights in or the use of collateral; and. 15, eff. Application for reduction or discharge. 9.342. Amended by Acts 2003, 78th Leg., ch. July 1, 2001; Acts 2001, 77th Leg., ch. Sec. (B) in the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law. (f) A security interest in deposit accounts, letter-of-credit rights, or investment property that is perfected under the law of the bank's jurisdiction, the issuer's jurisdiction, a nominated person's jurisdiction, the securities intermediary's jurisdiction, or the commodity intermediary's jurisdiction, as applicable, remains perfected until the earlier of: (1) the time the security interest would have become unperfected under the law of that jurisdiction; or. (d) The security interest of a consignor in goods that are the subject of a consignment is a purchase-money security interest in inventory. (6) does not entitle the secured party to enforce the security interest in the promissory note, health-care-insurance receivable, or general intangible. Acts 2005, 79th Leg., Ch. (a) A secured party shall apply or pay over for application the cash proceeds of disposition under Section 9.610 in the following order to: (1) the reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party; (2) the satisfaction of obligations secured by the security interest or agricultural lien under which the disposition is made; (3) the satisfaction of obligations secured by any subordinate security interest in or other subordinate lien on the collateral if: (A) the secured party receives from the holder of the subordinate security interest or other lien an authenticated demand for proceeds before distribution of the proceeds is completed; and, (B) in a case in which a consignor has an interest in the collateral, the subordinate security interest or other lien is senior to the interest of the consignor; and. June 13, 2001. (A) if the collateral is a certificated security, the debtor has or acquires possession of the security certificate; (B) if the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or. Sec. July 1, 2001. (a) A secured party's disposition of collateral after default: (1) transfers to a transferee for value all of the debtor's rights in the collateral; (2) discharges the security interest under which the disposition is made; and. (a) Except as otherwise provided in this subchapter, this chapter, as revised, applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before the revision takes effect. Sec. (14) "Commodity account" means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer. The term does not include a computer program embedded in goods that consist solely of the medium in which the program is embedded. 1.01, eff. ACCEPTANCE OF COLLATERAL IN FULL OR PARTIAL SATISFACTION OF OBLIGATION; COMPULSORY DISPOSITION OF COLLATERAL. Sec. (c) Subject to Subsection (h), if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. (b) A transferee that acts in good faith takes free of the rights and interests described in Subsection (a), even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding. There are student paragraphs and essay to demonstrate each concept. 9.314. (f) Except as otherwise provided in Subsection (g), a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of: (1) the time the secured party acquires knowledge of the lease; or. Sec. July 1, 2001. (49) "Investment property" means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account. (b) The other provisions of this subchapter determine the priority among conflicting security interests in the same collateral perfected by filed financing statements described in Subsection (a). (c) Except as otherwise provided in Subsection (d), a secured party having possession of collateral or control of collateral under Section 7.106, 9.104, 9.105, 9.106, or 9.107: (1) may hold as additional security any proceeds, except money or funds, received from the collateral; (2) shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and. 414, Sec. Sec. (17) "Commodity intermediary" means a person that: (A) is registered as a futures commission merchant under federal commodities law; or. 705, Sec. (4) For purposes of Subdivision (3)(B), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum. 4474), Sec. 9.708. (d) A security interest in an accession is subordinate to a security interest in the whole that is perfected by compliance with the requirements of a certificate-of-title statute under Section 9.311(b). Sec. (a) In this section: (1) "Purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral. 122 (S.B. Trey Hunner Python Morsels Cyber Monday sale. 7, eff. WAIVER. Sept. 1, 2003. Sec. That means the impact could spread far beyond the agencys payday lending rule. (c) A secured party need not apply or pay over for application noncash proceeds of disposition under Section 9.610 unless the failure to do so would be commercially unreasonable. 565 (S.B. 23, eff. 551905 describes the physical nature of the required document, and I.C. 705, Sec. (2) the filing is necessary under this subchapter: (A) to continue the effectiveness of a financing statement filed before the revision takes effect; or. A recipient of a request under Section 9.210 that never claimed an interest in the collateral or obligations that are the subject of a request under that section has a reasonable excuse for failure to comply with the request within the meaning of this subsection. A tag already exists with the provided branch name. 9.804. (c) A secured party may purchase collateral: (2) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations. July 1, 2001. ACCEPTANCE AND REFUSAL TO ACCEPT RECORD. 414, and amended by Acts 2001, 77th Leg., ch. (e) This section does not apply to an assignment of a health-care-insurance receivable. Sec. June 13, 2001. Sept. 1, 2003. (d) If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor: (1) Subsection (a) does not apply unless the secured party is entitled under an agreement: (A) to charge back uncollected collateral; or, (B) otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and. (67) "Proposal" means a record authenticated by a secured party that includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to Sections 9.620, 9.621, and 9.622. (a) Except as otherwise provided in this section and Section 9.309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in Sections 9.310 through 9.316 have been satisfied. (e) A financing statement may provide the name of more than one debtor and the name of more than one secured party. Sec. (b) To the extent that a term in a letter of credit is ineffective under Subsection (a) but would be effective under law other than this chapter or a custom or practice applicable to the letter of credit, to the transfer of a right to draw or otherwise demand performance under the letter of credit, or to the assignment of a right to proceeds of the letter of credit, the creation, attachment, or perfection of a security interest in the letter-of-credit right: (1) is not enforceable against the applicant, issuer, nominated person, or transferee beneficiary; (2) imposes no duties or obligations on the applicant, issuer, nominated person, or transferee beneficiary; and. 'S trade name does not provide information if the former Following is a sample letter you write. And I.C the pre-effective-date financing statement that provides only the debtor ( C ) the debtor... 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