Survey of Secured Creditors' Remedies Outside Bankruptcy
Learn about security interests under Article 9 of the Uniform Commercial Code, including attachment and perfection of a security interest, as well as priority among competing security interests to the same collateral.
Revised Article 9 of the Uniform Commercial Code, or UCC, governs consensual security interests in personal property and fixtures, but not real estate. Generally, an Article 9 security interest protects the secured creditor by allowing it to repossess and sell the collateral to satisfy the underlying debt if the obligor defaults. Because many bankruptcy cases involve Article 9 security interests, understanding Article 9 affords helpful context to anyone studying bankruptcy.