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Ark. Code Ann. § 4-9-109

Scope

Known as the Uniform Commercial Code

The act spans §§ 4–4 (597 sections).

Applied in 1 court decision — leading case Minor v. Chase Auto Finance Corp. (2010)

Most recently applied in Minor v. Chase Auto Finance Corp. (May 2010)

Acts 2001, No. 1439, § 1; 2003, No. 204, § 1.

(1) Except as otherwise provided in subsections (c) and (d) of this section, this chapter applies to: 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;

(5) a security interest arising under § 4-2-401, § 4-2-505, § 4-2-711(3), or § 4-2A-508(5), as provided in § 4-9-110; and

(6) a security interest arising under § 4-4-210 or § 4-5-118.

(7) The application of this chapter to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this chapter does not apply.

(8) This chapter does not apply to the extent that: a statute, regulation, or treaty of the United States preempts this chapter; or

(9) the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under § 4-5-114.

(10) This chapter does not apply to: a landlord's lien, other than an agricultural lien;

(11) a lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but § 4-9-333 applies with respect to priority of the lien;

(12) an assignment of a claim for wages, salary, or other compensation of an employee;

(13) a sale of accounts, chattel paper, payment intangibles, or promissory notes as part of a sale of the business out of which they arose;

(14) an assignment of accounts, chattel paper, payment intangibles, or promissory notes which is for the purpose of collection only;

(15) an assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract;

(16) an assignment of a single account, payment intangible, or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;

(17) a transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care-insurance receivable and any subsequent assignment of the right to payment, but §§ 4-9-315 and 4-9-322 apply with respect to proceeds and priorities in proceeds;

(18) an assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;

(19) a right of recoupment or set-off, but: Section 4-9-340 applies with respect to the effectiveness of rights of recoupment or set-off against deposit accounts; and

(20) Section 4-9-404 applies with respect to defenses or claims of an account debtor;

(21) the creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for: liens on real property in §§ 4-9-203 and 4-9-308;

(22) fixtures in § 4-9-334;

(23) fixture filings in §§ 4-9-501, 4-9-502, 4-9-512, 4-9-516, and 4-9-519; and

(24) security agreements covering personal and real property in § 4-9-604;

(25) an assignment of a claim arising in tort, other than a commercial tort claim, but §§ 4-9-315 and 4-9-322 apply with respect to proceeds and priorities in proceeds;

(26) an assignment of a deposit account in a consumer transaction, but §§ 4-9-315 and 4-9-322 apply with respect to proceeds and priorities in proceeds; or

(27) a transfer by a government or governmental unit.

Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.