What are accounts in UCC?
Accounts as defined in the UCC, and also means a right to payment of a monetary obligation, whether or not earned by performance, (a) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (b) for services rendered or to be rendered, (c) for a policy of insurance issued or to …
What is a deposit account UCC?
Secured creditors need to be aware of the differences in perfection requirements for security interests in “deposit accounts” and “securities accounts.” UCC § 9-102(a)(29) defines “deposit account” as a “demand, time, savings, passbook or similar account maintained with a bank.
What are general intangibles under the UCC?
“(42) “General intangible” means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, or other minerals before extraction.
What is the legal definition of a bank account?
Bank Account means any and all bank and investment accounts with financial institutions including but not limited to checking, savings, money market, certificates of deposits (CDs), mutual funds, and investment accounts.
What is an account debtor?
An account debtor is someone who owes an obligation by virtue of an account, chattel paper, or general intangible.
Is a checking account a deposit account under the UCC?
The UCC defines a deposit account as a demand, time, savings, passbook or similar account maintained with a bank. The term does not include investment property or accounts that are evidenced by an instrument (NY UCC § 9-102(a)(29)). The UCC defines a bank as an organization engaged in the business of banking.
Is cash a financial asset under the UCC?
financial assets “Financial Asset” does not include cash. Financial Asset . The meaning specified in Section 8-102(a)(9) of the UCC.
What is a commercial transaction?
Commercial transactions is generally defined as some sort of payment for a good or service. There are many forms of commercial transactions, including those that occur between two separate businesses, consumers and businesses, businesses and government entities and between internal divisions of a company to name a few.
How does the UCC define a sale?
How does the UCC define a “sale”? A sale of goods is a present transfer of title to movable property for a price. This price may be a payment of money, an exchange of other property, or the performance of services.
Is an account a payment intangible?
Many rights to receive payments under a contractual obligation constitute “accounts,” but those that do not will be treated as “payment intangibles,” a subset of “general intangibles.” An example would include a lender’s right to receive payments under a loan agreement, to the extent that the right to receive payment …
Are accounts receivable a payment intangible?
Accordingly, Section 9-102 expands the definition of “account” to include many types of receivables (including “health-care-insurance receivables,” defined in Section 9-102) that former Article 9 classified as “general intangibles.” It thereby subjects to Article 9’s filing system sales of more types of receivables …
Who is an account debtor under the UCC?
(3) “Account debtor” means a person obligated on an account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper.
What type of account are creditors?
account payable
Debtors are an account receivable, while creditors are an account payable.
Is a savings account considered a security?
Because savings bonds are backed by the full faith and credit of the U.S. government, they are considered one of the safest investments available.
How do you perfect a lien on a securities account?
A lender can perfect a lien on a borrower’s deposit account only by obtaining “control” over the account, which requires one of the following arrangements: (1) the borrower maintains its deposit account directly with the lender; (2) the lender becomes the actual owner of the borrower’s deposit accounts with the …
What are examples of commercial transactions?
Examples of Commercial Transactions:
- The sale of a business.
- The sale of real or personal property.
- The sale or exchange of services.
- The formation of joint ventures.
- The formation of business entities.
- The formation of new business relationships.
- Shareholder and buy-sell agreements.