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Session Laws, 1999
Volume 796, Page 2069   View pdf image
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(K) THIS SECTION APPLIES ONLY FOR PURPOSES OF THIS SUBTITLE.

9-308. WHEN SECURITY INTEREST OR AGRICULTURAL LIEN IS PERFECTED;
CONTINUITY OF PERFECTION.

(A) EXCEPT AS OTHERWISE PROVIDED IN THIS SECTION AND § 9-309, A
SECURITY INTEREST IS PERFECTED IF IT HAS ATTACHED AND ALL OF THE
APPLICABLE REQUIREMENTS FOR PERFECTION IN §§ 9-310 THROUGH 9-316 HAVE
BEEN SATISFIED. A SECURITY INTEREST IS PERFECTED WHEN IT ATTACHES IF THE
APPLICABLE REQUIREMENTS ARE SATISFIED BEFORE THE SECURITY INTEREST
ATTACHES.

(B) AN AGRICULTURAL LIEN IS PERFECTED IF IT HAS BECOME EFFECTIVE
AND ALL OF THE APPLICABLE REQUIREMENTS FOR PERFECTION IN § 9-310 HAVE
BEEN SATISFIED. AN AGRICULTURAL LIEN IS PERFECTED WHEN IT BECOMES
EFFECTIVE IF THE APPLICABLE REQUIREMENTS ARE SATISFIED BEFORE THE
AGRICULTURAL LIEN BECOMES EFFECTIVE.

(C) A SECURITY INTEREST OR AGRICULTURAL LIEN IS PERFECTED
CONTINUOUSLY IF IT IS ORIGINALLY PERFECTED BY ONE METHOD UNDER THIS
ARTICLE AND IS LATER PERFECTED BY ANOTHER METHOD UNDER THIS ARTICLE,
WITHOUT AN INTERMEDIATE PERIOD WHEN IT WAS UNPERFECTED.

(D) PERFECTION OF A SECURITY INTEREST IN COLLATERAL ALSO PERFECTS A
SECURITY INTEREST IN A SUPPORTING OBLIGATION FOR THE COLLATERAL.

(E) PERFECTION OF A SECURITY INTEREST IN A RIGHT TO PAYMENT OR
PERFORMANCE ALSO PERFECTS A SECURITY INTEREST IN A SECURITY INTEREST,
MORTGAGE, OR OTHER LIEN ON PERSONAL OR REAL PROPERTY SECURING THE
RIGHT.

(F) PERFECTION OF A SECURITY INTEREST IN A SECURITIES ACCOUNT ALSO
PERFECTS A SECURITY INTEREST IN THE SECURITY ENTITLEMENTS CARRIED IN THE
SECURITIES ACCOUNT.

(G) PERFECTION OF A SECURITY INTEREST IN A COMMODITY ACCOUNT ALSO
PERFECTS A SECURITY INTEREST IN THE COMMODITY CONTRACTS CARRIED IN THE
COMMODITY ACCOUNT.

9-309. SECURITY INTEREST PERFECTED UPON ATTACHMENT.

THE FOLLOWING SECURITY INTERESTS ARE PERFECTED WHEN THEY ATTACH:

(1) A PURCHASE-MONEY SECURITY INTEREST IN CONSUMER GOODS,
EXCEPT AS OTHERWISE PROVIDED IN § 9-311(B) WITH RESPECT TO CONSUMER
GOODS THAT ARE SUBJECT TO A STATUTE OR TREATY DESCRIBED IN § 9-311(A);

(2) AN ASSIGNMENT OF ACCOUNTS OR PAYMENT INTANGIBLES WHICH
DOES NOT BY ITSELF OR IN CONJUNCTION WITH OTHER ASSIGNMENTS TO THE SAME
ASSIGNEE TRANSFER A SIGNIFICANT PART OF THE ASSIGNOR'S OUTSTANDING
ACCOUNTS OR PAYMENT INTANGIBLES;

(3) A SALE OF A PAYMENT INTANGIBLE;

 

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Session Laws, 1999
Volume 796, Page 2069   View pdf image
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