§9-1201. General effectiveness of security agreement
267 words·~1 min read·
/me/title-11-uniform-commercial-code/9-1201·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(1). Except as otherwise provided in this Title, a security agreement is effective according to its terms between the parties, against purchasers of the collateral and against creditors.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(2). A transaction subject to this Article is subject to any applicable rule of law that establishes a different rule for consumers, including Title 9‑A , Title 30‑A, sections 3960 to 3964‑A and Title 32, sections 11001 to 11054 .
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(3). In case of conflict between this Article and a rule of law, statute or rule described in subsection
(2), the rule of law, statute or rule controls. Failure to comply with a statute or rule described in subsection
(2)has only the effect the statute or rule specifies.
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(4). This Article does not:
(a). Validate any rate, charge, agreement or practice that violates a rule of law, statute or rule described in subsection
(2); or [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
(b). Extend the application of the rule of law, statute or rule to a transaction not otherwise subject to rule of law, statute or rule. [PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]
[PL 1999, c. 699, Pt. A, §2 (NEW); PL 1999, c. 699, Pt. A, §4 (AFF).]