Article 9. SECURED TRANSACTIONS  


Part 1. GENERAL PROVISIONS
Part 1. SHORT TITLE, DEFINITIONS, AND GENERAL CONCEPTS
§ 11-9-101. Short title.
§ 11-9-102. Definitions and index of definitions.
§ 11-9-103. Purchase money security interest; application of payments; burden of establishing.
§ 11-9-104. Control of deposit account.
§ 11-9-105. Control of electronic chattel paper.
§ 11-9-106. Control of investment property.
§ 11-9-107. Control of letter of credit right.
§ 11-9-108. Sufficiency of description.
Part 2. APPLICABILITY OF ARTICLE
§ 11-9-109. Scope
§ 11-9-110. Security interests arising under Article 2 or 2A of this title.
§ 11-9-111. Applicability of bulk transfer laws.
Part 2. EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT
Part 1. EFFECTIVENESS AND ATTACHMENT
§ 11-9-201. General effectiveness of security agreement.
§ 11-9-202. Title to collateral immaterial.
§ 11-9-203. Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites.
§ 11-9-204. After acquired property; future advances.
§ 11-9-205. Use or disposition of collateral permissible.
§ 11-9-206. Security interest arising in purchase or delivery of financial asset.
Part 2. RIGHTS AND DUTIES
§ 11-9-207. Rights and duties of secured party having possession or control of collateral.
§ 11-9-208. Additional duties of secured party having control of collateral.
§ 11-9-209. Duties of secured party if account debtor has been notified of assignment.
§ 11-9-210. Request for accounting; request regarding list of collateral or statement of account.
Part 3. PERFECTION AND PRIORITY
Part 1. LAW GOVERNING PERFECTION AND PRIORITY
§ 11-9-301. Law governing perfection and priority of security interests.
§ 11-9-302. Law governing perfection and priority of agricultural liens.
§ 11-9-303. Law governing perfection and priority of security interests in goods covered by a certificate of title.
§ 11-9-304. Law governing perfection and priority of security interests in deposit accounts.
§ 11-9-305. Law governing perfection and priority of security interests in investment property.
§ 11-9-306. Law governing perfection and priority of security interests in letter of credit rights.
§ 11-9-307. Location of debtor.
Part 2. PERFECTION
§ 11-9-308. When security interest or agricultural lien is perfected; continuity of perfection.
§ 11-9-309. Security interest perfected upon attachment.
§ 11-9-310. When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply.
§ 11-9-311. Perfection of security interests in property subject to certain statutes, regulations, and treaties.
§ 11-9-312. Perfection of security interests in chattel paper, deposit accounts, documents, goods covered by documents, instruments, investment property, letter of credit rights, and money; perfection by permissive filing; temporary perfection without filing or transfer of possession.
§ 11-9-313. When possession by or delivery to secured party perfects security interest without filing.
§ 11-9-314. Perfection by control.
§ 11-9-315. Secured party's rights on disposition of collateral and in proceeds.
§ 11-9-316. Effect of change in governing law
Part 3. PRIORITY
§ 11-9-317. Interests that take priority over or take free of security interest or agricultural lien.
§ 11-9-318. No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers.
§ 11-9-319. Rights and title of consignee with respect to creditors and purchasers.
§ 11-9-320. Buyer of goods.
§ 11-9-321. Licensee of general intangible and lessee of goods in ordinary course of business.
§ 11-9-322. Priorities among conflicting security interests in and agricultural liens on same collateral.
§ 11-9-322.1. Crops produced with new value
§ 11-9-323. Future advances.
§ 11-9-324. Priority of purchase money security interests.
§ 11-9-325. Priority of security interests in transferred collateral.
§ 11-9-326. Priority of security interests created by new debtor.
§ 11-9-327. Priority of security interests in deposit account.
§ 11-9-328. Priority of security interests in investment property.
§ 11-9-329. Priority of security interests in letter of credit right.
§ 11-9-330. Priority of purchaser of chattel paper or instrument.
§ 11-9-331. Priority of rights of purchasers of instruments, documents, and securities under other articles; priority of interests in financial assets and security entitlements under Article 8 of this title.
§ 11-9-332. Transfer of money; transfer of funds from deposit account.
§ 11-9-333. Priority of certain liens.
§ 11-9-334. Priority of security interests in fixtures and crops.
§ 11-9-335. Accessions.
§ 11-9-336. Commingled goods.
§ 11-9-337. Priority of security interests in goods covered by certificate of title.
§ 11-9-338. Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information.
§ 11-9-339. Priority subject to subordination.
Part 4. RIGHTS OF BANK
§ 11-9-340. Effectiveness of right of recoupment or set-off against deposit account.
§ 11-9-341. Bank's rights and duties with respect to deposit account.
§ 11-9-342. Bank's right to refuse to enter into or disclose existence of control agreement.
Part 4. RIGHTS OF THIRD PARTIES
§ 11-9-401. Alienability of debtor's rights.
§ 11-9-402. Secured party not obligated on contract of debtor or in tort.
§ 11-9-403. Agreement not to assert defenses against assignee.
§ 11-9-404. Rights acquired by assignee; claims and defenses against assignee.
§ 11-9-405. Modification of assigned contract.
§ 11-9-406. Discharge of account debtor; notification of assignment; identification and proof of assignment; restrictions on assignment of accounts, chattel paper, payment intangibles, and promissory notes ineffective.
§ 11-9-407. Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest.
§ 11-9-408. Restrictions on assignment of promissory notes, health care insurance receivables, and certain general intangibles ineffective.
§ 11-9-409. Restrictions on assignment of letter of credit rights ineffective.
Part 5. FILING
Part 1. FILING OFFICE; CONTENTS AND EFFECTIVENESS OF FINANCING STATEMENT
§ 11-9-501. Filing office.
§ 11-9-502. Contents of financing statement; record of mortgage as fixture filing or financing statement; time of filing financing statement.
§ 11-9-503. Name of debtor and secured party.
§ 11-9-504. Indication of collateral.
§ 11-9-505. Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions.
§ 11-9-506. Effect of errors or omissions.
§ 11-9-507. Effect of certain events on effectiveness of financing statement.
§ 11-9-508. Effectiveness of financing statement if new debtor becomes bound by security agreement.
§ 11-9-509. Persons entitled to file a record.
§ 11-9-510. Effectiveness of filed record.
§ 11-9-511. Secured party of record.
§ 11-9-512. Amendment of financing statement.
§ 11-9-513. Termination statement.
§ 11-9-514. Assignment of powers of secured party of record.
§ 11-9-515. Duration and effectiveness of financing statement; effect of lapsed financing statement; record of mortgage as financing statement.
§ 11-9-516. What constitutes filing; effectiveness of filing.
§ 11-9-517. Effect of indexing errors.
§ 11-9-518. Inaccurate or wrongfully filed record.
Part 2. DUTIES AND OPERATION OF FILING OFFICE AND CENTRAL INDEXING SYSTEM
§ 11-9-519. Numbering, maintaining, and indexing records; communicating information provided in records.
§ 11-9-520. Acceptance and refusal to accept record.
§ 11-9-521. Uniform form of written financing statement and amendment; authority may prescribe forms.
§ 11-9-522. Maintenance and destruction of records.
§ 11-9-523. Information from filing office and central indexing system; sale or license of records.
§ 11-9-524. Delay by filing office or authority.
§ 11-9-525. Fees.
§ 11-9-526. Rules.
Part 6. DEFAULT
Part 1. DEFAULT AND ENFORCEMENT OF SECURITY INTEREST
§ 11-9-601. Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes.
§ 11-9-602. Waiver and variance of rights and duties.
§ 11-9-603. Agreement on standards concerning rights and duties.
§ 11-9-604. Procedure if security agreement covers real property or fixtures.
§ 11-9-605. Unknown debtor or secondary obligor.
§ 11-9-606. Time of default for agricultural lien.
§ 11-9-607. Collection and enforcement by secured party.
§ 11-9-608. Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
§ 11-9-609. Secured party's right to take possession after default.
§ 11-9-610. Disposition of collateral after default.
§ 11-9-611. Notification before disposition of collateral.
§ 11-9-612. Timeliness of notification before disposition of collateral.
§ 11-9-613. Contents and form of notification before disposition of collateral; general.
§ 11-9-614. Contents and form of notification before disposition of collateral; consumer goods transaction.
§ 11-9-615. Application of proceeds of disposition; liability for deficiency and right to surplus.
§ 11-9-616. Explanation of calculation of surplus or deficiency.
§ 11-9-617. Rights of transferee of collateral.
§ 11-9-618. Rights and duties of certain secondary obligors.
§ 11-9-619. Transfer of record or legal title.
§ 11-9-620. Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral.
§ 11-9-621. Notification of proposal to accept collateral.
§ 11-9-622. Effect of acceptance of collateral.
§ 11-9-623. Right to redeem collateral.
§ 11-9-624. Waiver.
Part 2. NONCOMPLIANCE WITH ARTICLE
§ 11-9-625. Remedies for secured party's failure to comply with article.
§ 11-9-626. Action in which deficiency or surplus is in issue.
§ 11-9-627. Determination of whether conduct was commercially reasonable.
§ 11-9-628. Nonliability and limitation on liability of secured party; liability of secondary obligor.
Part 7. 2001 TRANSITION
§ 11-9-701. Effective date.
§ 11-9-702. Savings clause.
§ 11-9-703. Security interest perfected before effective date.
§ 11-9-704. Security interest unperfected before effective date.
§ 11-9-705. Effectiveness of action taken before effective date.
§ 11-9-706. When initial financing statement suffices to continue effectiveness of financing statement.
§ 11-9-707. Amendment of pre-effective date financing statement.
§ 11-9-708. Persons entitled to file initial financing statement or continuation statement.
§ 11-9-709. Priority.
§ 11-9-710. Exculpation.
Part 8. 2013 TRANSITION
§ 11-9-801. Reserved.
§ 11-9-802. Savings clause.
§ 11-9-803. Security interest perfected before effective date.
§ 11-9-804. Security interest unperfected before effective date.
§ 11-9-805. Effectiveness of action taken before effective date.
§ 11-9-806. When initial financing statement suffices to continue effectiveness of financing statement.
§ 11-9-807. Amendment of pre-effective date financing statement.
§ 11-9-808. Person entitled to file initial financing statement or continuation statement.
§ 11-9-809. Priority.

REFS & ANNOS

TITLE 11 Chapter 9 NOTE

EFFECTIVE DATE. --This article became effective July 1, 2001.
 
CROSS REFERENCES. --Effect of transfer of note secured by mortgage, etc., § 10-3-1. Making of secured transactions and other dispositions of corporate property and assets not requiring shareholder approval, § 14-2-1201. Criminal penalty for destruction, removal, concealment, etc., of property subject to security interests, § 16-9-51. Perfection and validity of security interests in motor vehicles, § 40-3-50 et seq. Mortgages, conveyances to secure debt, etc., § 44-14-1 et seq.
 
EDITOR'S NOTES. --Ga. L. 2001, p. 362, § 1, effective July 1, 2001, repealed the Code sections formerly codified as this article and enacted the current article. The former article consisted of Code Sections 11-9-101 through 11-9-116 (Part 1), 11-9-201 through 11-9-208 (Part 2), 11-9-301 through 11-9-318 (Part 3), 11-9-401 through 11-9-409 (Part 4), and 11-9-501 through 11-9-507 (Part 5), relating to secured transactions, sales of accounts and chattel paper, and was based on Code 1933, §§ 109A-9-101 through 109A-9-114; Code 1933 §§ 109A-9-201 through 109A-9-208; Code 1933 §§ 109A-9-301 through 109A-9-318; Code 1933, §§ 109A-9-401 through 109A-9-409; Code 1933, §§ 109A-9-501 through 109A-9-507; Ga. L. 1962, p. 156, § 1; Ga. L. 1963, p. 188, §§ 23 through 36; Ga. L. 1964, p. 70, §§ 1, 3 through 7; Ga. L. 1968, p. 1151, § 1; Ga. L. 1969, p. 149, § 1; Ga. L. 1970, p. 604, § 1; Ga. L. 1978, p. 1081, § 1; Ga. L. 1979, p. 626, § 1; Ga. L. 1980, p. 443, §§ 2 through 6; Ga. L. 1980, p. 1134, §§ 1 through 3; Ga. L. 1981, p. 1396, §§ 9 through 14; Ga. L. 1982, p. 3, § 11; Ga. L. 1985, p. 1107, § 1; Ga. L. 1985, p. 1517, §§ 1 through 4; Ga. L. 1986, p. 357, §§ 1 through 2; Ga. L. 1986, p. 1002, §§ 5 through 8; Ga. L. 1988, p. 13, § 11; Ga. L. 1991, p. 94, § 11; Ga. L. 1992, p. 1028, § 1; Ga. L. 1992, p. 2626, §§ 4 through 11; Ga. L. 1993, p. 576, § 1; Ga. L. 1993, p. 633, § 4; Ga. L. 1993, p. 1550, §§ 1 through 6; Ga. L. 1994, p. 1693, §§ 1 through 12; Ga. L. 1997, p. 143, § 11; Ga. L. 1997, p. 970, § 3; Ga. L. 1998, p. 128, § 11; Ga. L. 1998, p. 1323, § 2 through 14.
 
 
 
Table of Comparable Provisions for Title 11, Article 9 Former Code Sections to Revised Code Sections
   This table lists each section in the version of Article 9 of the Uniform Commercial Code in effect prior to July 1, 2001, and provides the comparable provisions for Article 9 in effect on and after July 1, 2001. It is intended to assist the user who is familiar with the former title to find comparable new provisions.
FORMER                                REVISED CODE                            
CODE                                                                          
---                                            ---                            
11-9-101                                  11-9-101                            
11-9-102                                  11-9-109                            
11-9-103              11-9-301, 11-9-303, 11-9-305                            
11-9-104                                  11-9-109                            
11-9-105                                  11-9-102                            
11-9-106                                  11-9-102                            
11-9-107                                  11-9-103                            
11-9-108                                  repealed                            
11-9-109                                  11-9-102                            
11-9-110                                  11-9-108                            
11-9-111                                  11-9-111                            
11-9-112                                  repealed                            
11-9-113                                  11-9-110                            
11-9-114                                  11-9-319                            
11-9-115              11-9-102, 11-9-106, 11-9-301                            
11-9-116                                  11-9-206                            
11-9-201                                  11-9-201                            
11-9-202                                  11-9-202                            
11-9-203                                  11-9-203                            
11-9-204                                  11-9-204                            
11-9-205                                  11-9-205                            
11-9-206                                  11-9-403                            
11-9-207                                  11-9-207                            
11-9-208                                  11-9-210                            
11-9-301                        11-9-102, 11-9-317                            
11-9-302                                  11-9-310                            
11-9-303                                  11-9-308                            
11-9-304                                  11-9-312                            
11-9-305                                  11-9-313                            
11-9-306                        11-9-102, 11-9-315                            
11-9-307                                  11-9-320                            
11-9-308                                  11-9-330                            
11-9-309                                  11-9-331                            
11-9-310                                  11-9-333                            
11-9-311                                  11-9-401                            
11-9-312            11-9-322, 11-9-322.1, 11-9-324                            
11-9-313                                  11-9-334                            
11-9-314                                  11-9-335                            
11-9-315                                  11-9-336                            
11-9-316                                  11-9-339                            
11-9-317                                  11-9-402                            
11-9-318                        11-9-404, 11-9-405                            
11-9-401                                  11-9-501                            
11-9-402    11-9-502, 11-9-503, 11-9-504, 11-9-506                            
11-9-403    11-9-510, 11-9-511, 11-9-515, 11-9-516                            
11-9-404                                  11-9-513                            
11-9-405                        11-9-514, 11-9-525                            
11-9-406                                  11-9-525                            
11-9-407              11-9-519, 11-9-523, 11-9-526                            
11-9-408                                  11-9-505                            
11-9-409                                  repealed                            
11-9-501                        11-9-601, 11-9-602                            
11-9-502                                  11-9-607                            
11-9-503                                  11-9-609                            
11-9-504                        11-9-610--11-9-614                            
11-9-505                        11-9-620, 11-9-622                            
11-9-506                                  11-9-623                            
11-9-507                                  11-9-625                            
 
 
 
Revised Code Sections to Former Code Sections
   This table lists each section in the version of Article 9 of the Uniform Commercial Code in effect on and after July 1, 2001, and provides the comparable provisions for Article 9 in effect prior to July 1, 2001. It is intended to assist the user who is familiar with the new title to find comparable former provisions.
REVISED                                FORMER CODE                            
CODE                                                                          
---                                            ---                            
11-9-101                                  11-9-101                            
11-9-102   11-9-105, 11-9-106, 11-9-109, 11-9-115,                            
                                11-9-301, 11-9-306                            
11-9-103                                  11-9-107                            
11-9-104                                      none                            
11-9-105                                      none                            
11-9-106                                  11-9-115                            
11-9-107                                      none                            
11-9-108                                  11-9-110                            
11-9-109                                  11-9-104                            
11-9-110                                  11-9-113                            
11-9-111                                  11-9-111                            
11-9-201                                  11-9-201                            
11-9-202                                  11-9-202                            
11-9-203                                  11-9-203                            
11-9-204                                  11-9-204                            
11-9-205                                  11-9-205                            
11-9-206                                  11-9-116                            
11-9-207                                  11-9-207                            
11-9-208                                      none                            
11-9-209                                      none                            
11-9-210                                  11-9-208                            
11-9-301                        11-9-103, 11-9-115                            
11-9-302                                      none                            
11-9-303                                  11-9-103                            
11-9-304                                      none                            
11-9-305                                  11-9-103                            
11-9-306                                      none                            
11-9-307                                      none                            
11-9-308                                  11-9-303                            
11-9-309                                      none                            
11-9-310                                  11-9-302                            
11-9-311                                      none                            
11-9-312                                  11-9-304                            
11-9-313                                  11-9-305                            
11-9-314                                      none                            
11-9-315                                  11-9-306                            
11-9-316                                      none                            
11-9-317                                  11-9-301                            
11-9-318                                      none                            
11-9-319                                  11-9-114                            
11-9-320                                  11-9-307                            
11-9-321                                      none                            
11-9-322                                  11-9-312                            
11-9-322.1                                11-9-312                            
11-9-323                                      none                            
11-9-324                                  11-9-312                            
11-9-325                                      none                            
11-9-326                                      none                            
11-9-327                                      none                            
11-9-328                                      none                            
11-9-329                                      none                            
11-9-330                                  11-9-308                            
11-9-331                                  11-9-309                            
11-9-332                                      none                            
11-9-333                                  11-9-310                            
11-9-334                                  11-9-313                            
11-9-335                                  11-9-314                            
11-9-336                                  11-9-315                            
11-9-337                                      none                            
11-9-338                                      none                            
11-9-339                                  11-9-316                            
11-9-340                                      none                            
11-9-341                                      none                            
11-9-342                                      none                            
11-9-401                                  11-9-311                            
11-9-402                                  11-9-317                            
11-9-403                                  11-9-206                            
11-9-404                                  11-9-318                            
11-9-405                                  11-9-318                            
11-9-406                                      none                            
11-9-407                                      none                            
11-9-408                                      none                            
11-9-409                                      none                            
11-9-501                                  11-9-401                            
11-9-502                                  11-9-402                            
11-9-503                                  11-9-402                            
11-9-504                                  11-9-402                            
11-9-505                                  11-9-408                            
11-9-506                                  11-9-402                            
11-9-507                                      none                            
11-9-508                                      none                            
11-9-509                                      none                            
11-9-510                                  11-9-403                            
11-9-511                                  11-9-403                            
11-9-512                                      none                            
11-9-513                                  11-9-404                            
11-9-514                                  11-9-405                            
11-9-515                                  11-9-403                            
11-9-516                                  11-9-403                            
11-9-517                                      none                            
11-9-518                                      none                            
11-9-519                                  11-9-407                            
11-9-520                                      none                            
11-9-521                                      none                            
11-9-522                                      none                            
11-9-523                                  11-9-407                            
11-9-524                                      none                            
11-9-525                        11-9-405, 11-9-406                            
11-9-526                                  11-9-407                            
11-9-601                                  11-9-501                            
11-9-602                                  11-9-501                            
11-9-603                                      none                            
11-9-604                                      none                            
11-9-605                                      none                            
11-9-606                                      none                            
11-9-607                                  11-9-502                            
11-9-608                                      none                            
11-9-609                                  11-9-503                            
11-9-610                                  11-9-504                            
11-9-611                                  11-9-504                            
11-9-612                                  11-9-504                            
11-9-613                                  11-9-504                            
11-9-614                                  11-9-504                            
11-9-615                                      none                            
11-9-616                                      none                            
11-9-617                                      none                            
11-9-618                                      none                            
11-9-619                                      none                            
11-9-620                                  11-9-505                            
11-9-621                                      none                            
11-9-622                                  11-9-505                            
11-9-623                                  11-9-506                            
11-9-624                                      none                            
11-9-625                                  11-9-507                            
11-9-626                                  11-9-504                            
11-9-627                                  11-9-504                            
11-9-628                                      none                            
11-9-701                                      none                            
11-9-702                                      none                            
11-9-703                                      none                            
11-9-703                                      none                            
11-9-705                                      none                            
11-9-706                                      none                            
11-9-707                                      none                            
11-9-708                                      none                            
11-9-709                                      none                            
11-9-710                                      none                            
 
LAW REVIEWS. --For article discussing the effect of the Uniform Commercial Code upon the statutory lien provision of section 67(c) of the Bankruptcy Act, see 1 Ga. L. Rev. 149 (1967). For article discussing federal truth in lending pro