Personal Property Secured Transactions

Although Article 9 generally applies to security interests in personal property, it does not apply to all kinds of personal property nor does it apply to all transactions that involve the financing of personal property. Kentucky's non-uniform section 9-109(d) excludes from the scope of Article...

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Bibliographic Details
Published in:The Business Lawyer 2015-10, Vol.70 (4), p.1243-1268
Main Authors: Weise, Steve, Sepinuck, Stephen L.
Format: Article
Language:English
Subjects:
Agreements
Bankruptcy
Business interruption insurance
Coal
Collateral
Dairy cattle
Economic life
Federal court decisions
Law firms
Leases
Personal property
Security interests
State court decisions
Survey—Uniform Commercial Code
Uniform Commercial Code-US
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Summary:Although Article 9 generally applies to security interests in personal property, it does not apply to all kinds of personal property nor does it apply to all transactions that involve the financing of personal property. Kentucky's non-uniform section 9-109(d) excludes from the scope of Article 9 "a public-finance transaction or a transfer by a government or governmental unit". The court in Delphi Automotive Systems LLC v. Capital Community Economic/Industrial Development Corp properly held that this provision applies only to transactions in which the government is a debtor, not to transactions where the government is a secured party. Article 9 applies generally to the sale of payment rights but excludes from its scope an assignment of payment intangibles which is for the purpose of collection only. Article 9 governs most consignment transactions. Article 9 treats the consignment as a security interest, the consignor as a secured party, the consignee as the debtor, and the consigned goods as the collateral.
ISSN:0007-6899
2164-1838