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Repossessions: Section 2A-527. Lessor’s Rights to Dispose of Goods.
(1) After a default by a lessee under the lease contract of the type described in Section 2A-523(1) or 2A-523(3)(a) or after the lessor refuses to deliver or takes possession of goods (Section 2A-525 or 2A-526), or, if agreed, after other default by a lessee, the lessor may dispose of the goods concerned or the undelivered balance thereof by lease, sale, or otherwise.
Repossessions: Section 2A-528. Lessor’s Damages for Non-acceptance, Failure to Pay, Repudiation, or Other Default.
(1) Except as otherwise provided with respect to damages liquidated in the lease agreement (Section 2A-504) or otherwise determined pursuant to agreement of the parties (Sections 1-102(3) and 2A-503), if a lessor elects to retain the goods or a lessor elects to dispose of the goods and the disposition is by lease agreement that for any reason does not qualify for treatment under Section 2A-527(2), or is by sale or otherwise, the lessor may recover from the lessee as damages for a default of the type described in Section 2A-523(1) or 2A-523(3)(a), or, if agreed, for oth
Repossessions: Section 2A-529. Lessor’s Action for the Rent.
(1) After default by the lessee under the lease contract of the type described in Section 2A-523(1) or 2A-523(3)(a) or, if agreed, after other default by the lessee, if the lessor complies with subsection (2), the lessor may recover from the lessee as damages:
Repossessions: Listing of Provisions
Listing of 1990 UCC Article 3 Sections Reprinted
[Note: Only sections of the 1990 version of Article 3 which are reproduced herein are listed below.]
Article 3. Negotiable Instruments [1990]
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Part 4. Liability of Parties
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3-419. Instruments Signed for Accommodation
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Repossessions: Section 3-419. Instruments Signed for Accommodation.
(a) If an instrument is issued for value given for the benefit of a party to the instrument (“accommodated party”) and another party to the instrument (“accommodation party”) signs the instrument for the purpose of incurring liability on the instrument without being a direct beneficiary of the value given for the instrument, the instrument is signed by the accommodation party “for accommodation.”
Repossessions: Section 3-605. Discharge of Indorsers and Accommodation Parties.
(a) In this section, the term “indorser” includes a drawer having the obligation described in Section 3-414(d).
(b) Discharge, under Section 3-604, of the obligation of a party to pay an instrument does not discharge the obligation of an indorser or accommodation party having a right of recourse against the discharged party.
Repossessions: Listing of Provisions
Listing of 2002 UCC Article 3 Sections Reprinted
[Note: Only sections of the 2002 revised version of Article 3 which are reproduced herein are listed below.]
Article 3. Negotiable Instruments [2002]
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Part 4. Liability of Parties
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3-419. Instruments Signed for Accommodation
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Repossessions: Section 3-419. Instruments Signed for Accommodation.
(a) If an instrument is issued for value given for the benefit of a party to the instrument (“accommodated party”) and another party to the instrument (“accommodation party”) signs the instrument for the purpose of incurring liability on the instrument without being a direct beneficiary of the value given for the instrument, the instrument is signed by the accommodation party “for accommodation.”
Repossessions: Section 3-605. Discharge of Secondary Obligors.
(a) If a person entitled to enforce an instrument releases the obligation of a principal obligor in whole or in part, and another party to the instrument is a secondary obligor with respect to the obligation of that principal obligor, the following rules apply:
Repossessions: Listing of Provisions
Listing of UCC Article 9 Sections
[Note: Sections listed in bold type are reproduced herein; sections listed in roman type are not. All sections of revised Article 9 are listed below.]
Article 9. Secured Transactions
Part 1. General Provisions
Subpart 1. Short Title, Definitions, and General Concepts
Repossessions: Section 9-101. Short Title.
This article may be cited as Uniform Commercial Code—Secured Transactions.
Official Comment
Repossessions: Section 9-102. Definitions and Index of Definitions.
(a) [Article 9 definitions.] In this article:
(1) “Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.
Repossessions: Section 9-103. Purchase-Money Security Interest; Application of Payments; Burden of Establishing.
(a) [Definitions.] In this section:
(1) “purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and
(2) “purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to enable the debtor to acquire rights in or the use of the collateral if the value is in fact so used.
Repossessions: Section 9-108. Sufficiency of Description.
(a) [Sufficiency of description.] Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.
(b) [Examples of reasonable identification.] Except as otherwise provided in subsection (d), a description of collateral reasonably identifies the collateral if it identifies the collateral by:
(1) specific listing;
Repossessions: Section 9-109. Scope.
(a) [General scope of article.] Except as otherwise provided in subsections (c) and (d), this article applies to:
(1) a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;
(2) an agricultural lien;
(3) a sale of accounts, chattel paper, payment intangibles, or promissory notes;
(4) a consignment;
Repossessions: Section 9-110. Security Interests Arising Under Article 2 or 2a.
A security interest arising under Section 2-401, 2-505, 2-711(3), or 2A-508(5) is subject to this article. However, until the debtor obtains possession of the goods:
(1) the security interest is enforceable, even if Section 9-203(b)(3) has not been satisfied;
(2) filing is not required to perfect the security interest;
(3) the rights of the secured party after default by the debtor are governed by Article 2 or 2A; and
Repossessions: Section 9-201. General Effectiveness of Security Agreement.
(a) [General effectiveness.] Except as otherwise provided in [the Uniform Commercial Code], a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.
Repossessions: Section 9-202. Title to Collateral Immaterial.
Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
Official Comment
1. Source. Former Section 9-202.
Repossessions: Section 9-203. Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligations; Formal Requisites.
(a) [Attachment.] A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.
(b) [Enforceability.] Except as otherwise provided in subsections (c) through (i), a security interest is enforceable against the debtor and third parties with respect to the collateral only if:
(1) value has been given;
Repossessions: Section 9-204. After-Acquired Property; Future Advances.
(a) [After-acquired collateral.] Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral.
(b) [When after-acquired property clause not effective.] A security interest does not attach under a term constituting an after-acquired property clause to:
Repossessions: Section 9-205. Use or Disposition of Collateral Permissible.
(a) [When security interest not invalid or fraudulent.] A security interest is not invalid or fraudulent against creditors solely because:
(1) the debtor has the right or ability to:
(A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;
(B) collect, compromise, enforce, or otherwise deal with collateral;
Repossessions: Section 9-207. Rights and Duties of Secured Party Having Possession or Control of Collateral.
(a) [Duty of care when secured party in possession.] Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.
Repossessions: Section 9-209. Duties of Secured Party If Account Debtor Has Been Notified of Assignment.
(a) [Applicability of section.] Except as otherwise provided in subsection (c), this section applies if:
(1) there is no outstanding secured obligation; and
(2) the secured party is not committed to make advances, incur obligations, or otherwise give value.
Repossessions: Section 9-210. Request for Accounting; Request Regarding List of Collateral or Statement of Account.
(a) [Definitions.] In this section:
(1) “Request” means a record of a type described in paragraph (2), (3), or (4).
(2) “Request for an accounting” means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifying the transaction or relationship that is the subject of the request.