Secured Transactions Attack Outline (UCC Article 9)

Introduction

• MD adopted UCC Article 9 for security interests (SI).
• Key Issues: Collateral categories, attachment, PMSI rights, perfection methods.

I. Scope of Article 9

• Applies to consensual security interests in personalty or fixtures.
• If collateral is real estate, apply law of mortgages.

A. Personalty (Goods)

• Only applies to voluntary/consensual collateralizations; not statutory or mechanics liens.

B. Encumbered Collateral & Article 9 "Cast of Characters"

• Debtor: Entity owing money.
• Secured Party (Creditor): Entity lending money.
• Security Agreement: Contract or record.
• Security Interest (SI): Creditor's right in debtor's personalty or fixtures.
• Collateral: Personalty or fixtures creditor can use for debt s