| | |
American Law Institute and the National Conference of Commissioners | | on Uniform State Laws, established a committee to study Article 9 | | of the UCC. The study committee issued its report as of December | | 1, 1992, recommending the creation of a drafting committee for the | | revision of Article 9 and also recommending numerous specific | | changes to Article 9. Organized in 1993, a drafting committee met | | fifteen times from 1993 to 1998. This Article was approved by its | | sponsors in 1998. |
|
| | | 3. Reorganization and Renumbering; Captions; Style. This | | Article reflects a substantial reorganization of former Article 9 | | and renumbering of most sections. New Part 4 deals with several | | aspects of third-party rights and duties that are unrelated to | | perfection and priority. Some of these were covered by Part 3 of | | former Article 9. Part 5 deals with filing (covered by former | | Part 4) and Part 6 deals with default and enforcement (covered by | | former Part 5). Appendix I contains conforming revisions to | | other Articles of the UCC, and Appendix II contains model | | provisions for production-money priority. |
|
| | | This Article also includes headings for the subsections as an | | aid to readers. Unlike section captions, which are part of the | | UCC, see Section 1-109, subsection headings are not a part of the | | official text itself and have not been approved by the sponsors. | | Each jurisdiction in which this Article is introduced may | | consider whether to adopt the headings as a part of the statute | | and whether to adopt a provision clarifying the effect, if any, | | to be given to the headings. This Article also has been | | conformed to current style conventions. |
|
| | | 4. Summary of Revisions. Following is a brief summary of | | some of the more significant revisions of Article 9 that are | | included in this Article. |
|
| | | a. Scope of Article 9. This Article expands the scope of | | Article 9 in several respects. |
|
| | | Deposit accounts. Section 9-109 [Maine cite section 9-1109] | | includes within this Article's scope deposit accounts as original | | collateral, except in consumer transactions. Former Article 9 | | dealt with deposit accounts only as proceeds of other collateral. |
|
| | | Sales of payment intangibles and promissory notes. Section 9- | | 109 [Maine cite section 9-1109] also includes within the scope of | | this Article most sales of "payment intangibles" (defined in | | Section 9-102 [Maine cite section 9-1102] as general intangibles | | under which an account debtor's principal obligation is monetary) | | and "promissory notes" (also defined in Section 9-102 [Maine cite | | section 9-1102]). Former Article 9 included sales of accounts | | and chattel paper, but not sales of payment intangibles or |
|
|
