By: Katelyn J. Dougherty, Esq.
As a business owner, you are likely engaged in various financial transactions, such as obtaining loans, leasing equipment, or possibly even selling goods on credit. To protect your interests and secure your assets, it is crucial to understand the provisions of Article 9 of the Uniform Commercial Code (UCC).
Article 9 of the UCC is a vital piece of legislation that governs secured transactions. It provides a framework for creating, perfecting, and enforcing security interests in personal property. Whether you are a creditor extending credit or a debtor seeking financing, Article 9 plays a significant role in safeguarding your rights.
Here are some key aspects of Article 9 that every business owner should be familiar with:
For business owners engaged in secured transactions, it is imperative to have a solid understanding of and adhere to the requirements outlined in Article 9. Failure to follow the proper procedures can have serious consequences, including the loss of priority rights, leaving your assets vulnerable to competing claims, and facing challenges in enforcing your security interest. By ensuring compliance with Article 9, you can protect your interests, maintain control over your assets, and mitigate the risks associated with secured transactions.
To navigate the intricacies of Article 9 effectively, consulting with an experienced attorney specializing in commercial law is highly recommended. They can guide you through the process, help you create solid security agreements, and ensure your compliance with the UCC requirements.
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Don’t have a business attorney? Get in touch with our team by emailing Info@harbourbusinesslaw.com.
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This Blog was written by Founding Attorney, Katelyn Dougherty.
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