Article 9 of the Uniform Commercial Code as It Relates to Secured Transactions in Which the Collateral Is Consumer Goods or Equipment

The Uniform Commercial Code becomes operative in Nebraska at midnight on September 1, 1965. From that time, Article 9 of the Code—the Article on Secured Transactions—will regulate, regardless of its form, practically any transaction within the jurisdiction of the State in which the intention is to create a security interest in personal property or fixtures. The purpose of this paper is to delineate and explain the rules of Article 9 which apply to and regulate transactions intended to create security interests in collateral which is either consumer goods or equipment. Definitions Attachment … I. Security Agreement … II. Value … III. Debtor’s Rights in the Collateral Perfection The Financing Statement Priorities The Security Agreement Provisions … I. Sanctioned … II. Unsanctioned … III. Under Nebraska Statutes … IV. Under Code Default Conclusion