Article 9
Article 9 governs how security interests may be obtained in personal property to secure a debt. In Article 9 the owner of the collateral is referred to as the “debtor” and the creditor is referred to as the “secured party.”
Fundamental concepts under Article 9 include how a security interest is created in property (“attachment”); how security interests are made generally effective against third parties with a claim to the collateral (“perfection”); which among multiple security interests or other claims to the collateral is best ("priority"); and what remedies are available to the secured party if the debtor defaults in payment or performance of the secured obligation.
In general, Article 9 does not govern real property security interests, except for fixtures to real property. Mortgages, deeds of trust, and installment land contracts, which are the principal forms of real property security interests, remain governed by non-uniform state laws.
Read more about this topic: Uniform Commercial Code
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“Be assured that it gives much more pain to the mind to be in debt, than to do without any article whatever which we may seem to want.”
—Thomas Jefferson (1743–1826)