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Q.What is Revised UCC Article 9?
A.UCC Article 9 is the legal code section for handling secured transactions for personal property (property other than real estate). In most states, the code was revised and took effect July 1, 2001. Under the revised Article 9, a secured debt (a debt secured by collateral) should be "perfected" by filing a statement with the state.
This is necessary to put others on notice that you have an interest in the particular collateral mentioned in your promissory note.
uuc article 9 deals with secured transactions, security intersts, perfecting a security interest, a promissory note, promissory notes, and collateral.
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