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Summary of California Law (10th), Secured Transactions in Personal Property
I. METHODS USED BEFORE UNIFORM COMMERCIAL CODE
<d2.o n="A. [§1] In General.
<d2.o n="B. Pledge.
<d3.o n="1. [§2] Nature of
Pledge.
<d3.o n="2. Delivery of Possession.
<d4.o n="(a) [§3] Necessity
of Delivery.
<d4.o n="(b) [§4] Exceptions
to Requirement.
<d3.o n="3. [§5] Termination
of Pledge.
<d3.o n="4. [§6] Duties and
Liabilities of Pledgee.
<d3.o n="5. [§7] Rights of
Pledgee.
<d3.o n="6. [§8] Remedies of
Pledgee.
<d3.o n="7. [§9] Redemption
of Pawned Property.
<d2.o n="C. Trust Receipt.
<d3.o n="1. [§10] Nature and
Distinctions.
<d3.o n="2. [§11] Entruster and
Trustee.
<d3.o n="3. [§12] Entruster
and Third Parties.
<d2.o n="D. Chattel Mortgage.
<d3.o n="1. [§13] Nature of
Mortgage.
<d3.o n="2. [§14] Description
of Property.
<d3.o n="3. [§15] Rights of
Creditors Where Mortgage Invalid.
<d3.o n="4. [§16] Remedies
of Mortgagee.
<d2.o n="E. [§17] Conditional
Sale.
<d2.o n="F. [§18] Inventory
Lien.
II. DEVELOPMENT OF UNIFORM COMMERCIAL CODE
<d2.o n="A. Former Versions.
<d3.o n="1. [§19] Original
Version.
<d3.o n="2. [§20] Adoption
of Revised Division 9.
<d2.o n="B. Current Version.
<d3.o n="1. [§21] Revision
and Enactment.
<d3.o n="2. [§22] Purpose
and Benefits.
<d3.o n="3. Scope of Division 9.
<d4.o n="(a) [§23] Transactions
to Which Division 9 Applies.
<d4.o n="(b) [§24] Exceptions.
<d2.o n="C. Transition Provisions.
<d3.o n="1. [§25] Transactions
Entered into Before Effective Date.
<d3.o n="2. Security Interest Enforceable Before Effective
Date.
<d4.o n="(a) [§26] Perfected
Before Effective Date.
<d4.o n="(b) [§27] Unperfected
Before Effective Date.
<d3.o n="3. Perfection Step Taken Before Effective Date and
Attachment Occurring After Effective Date.
<d4.o n="(a) [§28] Perfection
Step Other Than Filing.
<d4.o n="(b) [§29] Perfection
by Filing.
<d4.o n="(c) [§30] Continuing
Effectiveness of Filed Financing Statement.
<d3.o n="4. When Initial Filing Statement Suffices To Continue
Effectiveness of Statement.
<d4.o n="(a) [§31] Conditions
for Effectiveness.
<d4.o n="(b) [§32] Period of
Effectiveness.
<d4.o n="(c) [§33] Persons
Entitled To File Initial Financing Statement or Continuation Statement.
<d3.o n="5. [§34] Amendment
and Termination of Financing Statement Filed Before Effective Date.
<d3.o n="6. [§35] Priority.
III. CREATION OF SECURITY INTEREST
<d2.o n="A. Definitions.
<d3.o n="1. Security Interest.
<d4.o n="(a) [§36] In
General.
<d4.o n="(b) [§37] Determining
Whether Transaction Creates Security Interest.
<d4.o n="(c) [§38] Purchase
Money Security Interest.
<d3.o n="2. [§39] Security
Agreement.
<d3.o n="3. Collateral.
<d4.o n="(a) [§40] In
General.
<d4.o n="(b) [§41] Goods.
<d4.o n="(c) [§42] Receivables.
<d4.o n="(d) [§43] Investment
Property.
<d4.o n="(e) [§44] Deposit
Account.
<d4.o n="(f) [§45] Proceeds.
<d4.o n="(g) [§46] Accessions
and Commingled Goods.
<d3.o n="4. [§47] Parties to
Secured Transactions.
<d2.o n="B. [§48] Description
of Collateral.
<d2.o n="C. [§49] Effectiveness
of Security Agreement.
IV. ATTACHMENT OF SECURITY INTEREST
<d2.o n="A. Requirements.
<d3.o n="1. [§50] In
General.
<d3.o n="2. [§51] Debtor''s Transfer Rights.
<d3.o n="3. Evidentiary Alternatives.
<d4.o n="(a) [§52] Authentication.
<d4.o n="(b) [§53] Possession
or Delivery.
<d4.o n="(c) [§54] Control.
<d2.o n="B. [§55] New
Debtors.
<d2.o n="C. Extent of Attachment.
<d3.o n="1. [§56] Proceeds
and Supporting Obligations.
<d3.o n="2. [§57] Right to
Payment or Performance.
<d3.o n="3. [§58] After-Acquired
Property.
<d3.o n="4. [§59] Investment
Property.
<d3.o n="5. [§60] Commingled
Goods.
V. PERFECTION OF SECURITY INTEREST
<d2.o n="A. [§61] Significance
of Perfection.
<d2.o n="B. Perfection Other Than by Filing.
<d3.o n="1. [§62] In
General.
<d3.o n="2. Methods.
<d4.o n="(a) Automatic Perfection.
<d5.o n="(1) [§63] On
Attachment.
<d5.o n="(2) [§64] In
Proceeds.
<d5.o n="(3) [§65] For
Specified Collateral.
<d4.o n="(b) Perfection Under Other Law.
<d5.o n="(1) [§66] Property
Subject to Certain Statutes, Regulations, and Treaties.
<d5.o n="(2) [§67] Continued
Perfection Following Change in Governing Law.
<d4.o n="(c) Possession.
<d5.o n="(1) [§68] Statutory
Authorization.
<d5.o n="(2) [§69] How
Possession Is Taken.
<d5.o n="(3) [§70] Timing of
Possession.
<d5.o n="(4) [§71] Acknowledgment
Not Required.
<d5.o n="(5) [§72] Delivery
to Third Party by Secured Party.
<d4.o n="(d) [§73] Delivery
of Certificated Security.
<d4.o n="(e) [§74] Control.
<d4.o n="(f) [§75] Notice to
Insurer.
<d2.o n="C. Perfection by Filing.
<d3.o n="1. When Filing Is Available.
<d4.o n="(a) [§76] Types of
Collateral.
<d4.o n="(b) [§77] Prior
Authorization Required.
<d4.o n="(c) [§78] Precautionary
Filing.
<d3.o n="2. Contents of Financing Statement.
<d4.o n="(a) [§79] Statutory
Requirements.
<d4.o n="(b) [§80] name of
Debtor.
<d4.o n="(c) [§81] name of
Secured Party.
<d4.o n="(d) [§82] Indication
of Collateral.
<d4.o n="(e) [§83] Effect of
Errors or Omissions.
<d4.o n="(f) [§84] Effect of
Post-Filing Events.
<d4.o n="(g) [§85] Effect of
New Debtor.
<d3.o n="3. Procedure for Filing Statement.
<d4.o n="(a) [§86] Time for
Filing.
<d4.o n="(b) [§87] Filing
Office.
<d4.o n="(c) [§88] Filing
Fees.
<d4.o n="(d) [§89] What
Constitutes Effective Filing.
<d4.o n="(e) [§90] Filing
Office''s Acceptance
or Refusal of Record.
<d4.o n="(f) Duties of Filing Office.
<d5.o n="(1) [§91] Numbering
and Indexing Records.
<d5.o n="(2) [§92] Maintenance
and Destruction of Records.
<d5.o n="(3) [§93] Acknowledgments
and Responses to Requests.
<d5.o n="(4) [§93A] (New) Nondisclosure
of Social Security Numbers.
<d4.o n="(g) [§94] Filing
Mistakes and Delays.
<d4.o n="(h) [§95] Filing
Office Rules.
<d4.o n="(i) [§96] Option To
Record Instead of File.
<d3.o n="4. Continued Effectiveness of Financing Statement.
<d4.o n="(a) [§97] Duration.
<d4.o n="(b) [§98] Lapse.
<d4.o n="(c) [§99] Continuation
Statement.
<d4.o n="(d) Amendment.
<d5.o n="(1) [§100] Procedure.
<d5.o n="(2) [§101] Persons
Entitled To File Amendment.
<d5.o n="(3) [§102] Effectiveness
of Amendment.
<d4.o n="(e) [§103] Termination.
<d2.o n="D. [§104] Accessions
and Commingled Goods.
VI. PRIORITY
<d2.o n="A. Unperfected Security Interests as Against Other
Claims.
<d3.o n="1. [§105] Subordinate
to Competing Security Interests Specified by Statute.
<d3.o n="2. [§106] Subordinate
to Lien Creditors.
<d3.o n="3. [§107] Subordinate
to Purchasers Other Than Secured Parties.
<d3.o n="4. [§108] Priority
of Purchase Money Security Interests Over Other Claims.
<d3.o n="5. [§109] When
Rights of Buyer of Accounts and Chattel Paper Are Subordinate to Seller''s Creditors or Subsequent
Transferees.
<d3.o n="6. [§110] When
Rights of Consignor Are Subordinate to Consignee''s Creditors or Subsequent Transferees.
<d2.o n="B. Buyers and Lessees of Goods and Licensees of
General Intangibles.
<d3.o n="1. [§111] Buyers.
<d3.o n="2. [§112] Lessees
in Ordinary Course of Business.
<d3.o n="3. [§113] Licensees
in Ordinary Course of Business.
<d2.o n="C. Conflicting Security Interests in Same
Collateral.
<d3.o n="1. General Rules of Priority.
<d4.o n="(a) [§114] Temporal
Priority.
<d4.o n="(b) [§115] Priority
in Proceeds.
<d4.o n="(c) [§116] Priority
in Supporting Obligations.
<d3.o n="2. Special Rules of Priority.
<d4.o n="(a) [§117] Priority
in Proceeds.
<d4.o n="(b) [§118] Priority
Determined by Other Commercial Code Provisions.
<d4.o n="(c) Priority of Purchase Money Security Interests.
<d5.o n="(1) [§119] In Goods
Other Than Inventory and Livestock.
<d5.o n="(2) [§120] In
Inventory.
<d5.o n="(3) [§121] In
Livestock.
<d5.o n="(4) [§122] In
Software.
<d5.o n="(5) [§123] In
Proceeds.
<d5.o n="(6) [§124] Multiple
Purchase Money Security Interests.
<d4.o n="(d) [§125] Priority
of Security Interests in Transferred Collateral.
<d4.o n="(e) [§126] Priority
of Security Interests Created by New Debtor.
<d4.o n="(f) Special Priority in Particular Types of
Collateral.
<d5.o n="(1) [§127] Deposit
Accounts.
<d5.o n="(2) [§128] Investment
Property.
<d5.o n="(3) [§129] Letter-of-Credit
Right.
<d5.o n="(4) [§130] Chattel
Paper or Instrument.
<d5.o n="(5) Fixtures and Crops.
<d6.o n="(aa) [§131] In
General.
<d6.o n="(bb) [§132] Exceptions.
<d5.o n="(6) [§133] Accessions.
<d5.o n="(7) [§134] Commingled
Goods.
<d4.o n="(g) [§135] Priority
of Security Interests Perfected by Incorrect Financing.
<d2.o n="D. Secured Party''s Rights on Disposition of Collateral and in
Proceeds.
<d3.o n="1. [§136] General
Rule.
<d3.o n="2. [§137] Exceptions.
<d2.o n="E. [§138] Priority
of Security Interests in Goods Covered by Certificate of Title.
<d2.o n="F. [§139] Priority
of Possessory Lien.
<d2.o n="G. Priority of Security Interest in Future
Advances.
<d3.o n="1. [§140] Competing
Security Interests.
<d3.o n="2. [§141] Competing
Lien Creditors.
<d3.o n="3. [§142] Competing
Buyers and Lessees.
<d2.o n="H. [§143] Priority
of Rights or Interests Under Other Divisions.
<d2.o n="I. [§144] Possible
Restitution Rights of Unsecured Creditor.
<d2.o n="J. [§145] Priority
Subject to Subordination.
VII. CHOICE OF LAW FOR PERFECTION AND PRIORITY
<d2.o n="A. [§146] Security
Interests in General.
<d2.o n="B. [§147] Agricultural
Liens.
<d2.o n="C. [§148] Goods
Covered by Certificate of Title.
<d2.o n="D. [§149] Deposit
Accounts.
<d2.o n="E. [§150] Investment
Property.
<d2.o n="F. [§151] Letter-of-Credit
Rights.
<d2.o n="G. [§152] Determining
Debtor''s Location.
VIII. ADDITIONAL RIGHTS AND DUTIES
<d2.o n="A. Secured Parties.
<d3.o n="1. [§153] Duties of
Secured Party Who Possesses Collateral.
<d3.o n="2. [§154] Duties of
Secured Party Who Controls Collateral.
<d3.o n="3. [§155] Duties of
Secured Party When Account Debtor Has Been Notified of Assignment.
<d3.o n="4. [§156] Secured
Party''s Duty To
Account.
<d3.o n="5. [§157] No
Liability for Debtor''s
Acts or Omissions.
<d2.o n="B. Third Parties.
<d3.o n="1. [§158] In
General.
<d3.o n="2. [§159] Alienability
of Debtor''s Rights.
<d3.o n="3. Rights and Duties Arising Out of Assignment.
<d4.o n="(a) [§160] Agreement
Not To Assert Claims and Defenses Against Assignee.
<d4.o n="(b) [§161] Claims
and Defenses Against Assignee in Absence of Agreement.
<d4.o n="(c) [§162] Modification
of Assigned Contract.
<d4.o n="(d) [§163] Discharge
of Account Debtor.
<d4.o n="(e) Ineffectiveness of Restrictions on Assignment.
<d5.o n="(1) [§164] Accounts,
Chattel Paper, Payment Intangibles, and Promissory Notes.
<d5.o n="(2) [§165] Leasehold
Interest or Lessor''s
Residual Interest.
<d5.o n="(3) [§166] Promissory
Notes, Health Care Insurance Receivables, and Certain General Intangibles.
<d5.o n="(4) [§167] Letter-of-Credit
Rights.
<d3.o n="4. Rights and Duties of Banks.
<d4.o n="(a) [§168] Right of
Recoupment or Setoff.
<d4.o n="(b) [§169] Rights
and Duties With Respect to Deposit Accounts.
<d4.o n="(c) [§170] Right To
Refuse To Enter into or Disclose Existence of Control Agreement.
IX. DEFAULT AND ENFORCEMENT
<d2.o n="A. General Provisions.
<d3.o n="1. [§171] Rights
After Default.
<d3.o n="2. [§172] Waiver
and Variance of Rights and Duties.
<d3.o n="3. [§173] Where
Security Agreement Covers Real Property or Fixtures.
<d3.o n="4. [§174] Unknown
Debtor or Secondary Obligor.
<d2.o n="B. Primary Methods of Enforcement.
<d3.o n="1. Collection and Enforcement.
<d4.o n="(a) [§175] Collection
From Persons Obligated on Collateral.
<d4.o n="(b) [§176] Commercial
Reasonableness Required.
<d4.o n="(c) [§177] Application
of Proceeds.
<d3.o n="2. Repossession and Disposition of Collateral:
Nonjudicial Foreclosure.
<d4.o n="(a) [§178] Secured
Party''s Right To Take
Possession After Default.
<d4.o n="(b) [§179] Disposition
of Collateral After Default.
<d4.o n="(c) Notification Before Disposition of Collateral.
<d5.o n="(1) [§180] In
General.
<d5.o n="(2) [§181] Recipients
of Notice.
<d5.o n="(3) [§182] Contents
of Notification Generally.
<d5.o n="(4) [§183] Contents
of Notification in Consumer-Goods Transactions.
<d4.o n="(d) [§184] Publicity
and Advertising Before Disposition.
<d4.o n="(e) Application of Proceeds.
<d5.o n="(1) [§185] In
General.
<d5.o n="(2) [§186] Right to
Surplus and Liability for Deficiency.
<d5.o n="(3) [§187] Informing
Debtor or Consumer Obligor of Surplus or Deficiency.
<d4.o n="(f) [§188] Rights of
Transferee After Disposition.
<d4.o n="(g) [§189] Obtaining
Record or Legal Title.
<d4.o n="(h) [§190] Distinction:
Assignment of Secured Obligations.
<d3.o n="3. Acceptance of Collateral in Satisfaction: Strict
Foreclosure.
<d4.o n="(a) [§191] Improvement
Over Former Statute.
<d4.o n="(b) [§192] Conditions
to Effective Acceptance.
<d4.o n="(c) [§193] Special
Conditions in Consumer Cases.
<d4.o n="(d) [§194] Notification
of Proposal To Accept Collateral.
<d4.o n="(e) [§195] Effect of
Acceptance.
<d2.o n="C. [§196] Debtor''s Right To Redeem
Collateral.
<d2.o n="D. Remedies for Noncompliance With Division 9.
<d3.o n="1. [§197] Secured
Party''s
Noncompliance.
<d3.o n="2. Where Deficiency or Surplus Is in Issue.
<d4.o n="(a) [§198] Change
From Former Law.
<d4.o n="(b) [§199] Transactions
Other Than Consumer Transactions.
<d4.o n="(c) [§200] Consumer
Transactions.
<d3.o n="3. [§201] Commercial
Reasonableness.
4. [§202]
Limitation on Secured
Party''s Liability.