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Commonly Asked Questions about Uniform Commercial Code Amendments

Article 9 Multiple Contracts Subject to the provisions of Articles 6(3)-6(7) and 23(4), claims arising out of or in connection with more than one contract may be made in a single arbitration, irrespective of whether such claims are made under one or more than one arbitration agreement under the Rules.
UCC adoption summary JurisdictionArt. 1Art. 9 Arkansas Yes Yes Assiniboine and Sioux Tribes of the Fort Peck Indian Reservation Yes Yes California Yes Yes Cherokee Nation Yes Yes25 more rows
The 1998 Revisions modified Article 9 to split the term chattel paper into electronic chattel paper chattel paper stored in an electronic mediumand tangible chattel paperchattel paper consisting of tangible writings.
Article 9 of the UCC governs secured transactions, including procedures for settling debts. Under Article 9, if a debtor defaults on debt, the creditor may repossess the secured property. Louisiana State University Law School.
Amendment means a UCC record that amends the information contained in a financing statement. Amendments include assignments, continuations and terminations. Assignment is an amendment that assigns all or part of a secured partys power to authorize an amendment to a financing statement.
The proposed new Article 12 creates a class of digital assets defined as controllable electronic records (CERs). A CER is a record stored in an electronic medium that is susceptible to control.
Default itself is not defined in Article 9 of the UCC; rather, Article 9 leaves to the parties the task of determiningtypically in the security agreement or other related documentthe situations in which the debtors failure to live up to its end of the bargain may entitle the secured party to exercise remedies