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Massachusetts General Laws

Article 9

Secured Transactions

9-101Short Title 9-102Definitions and Index of Definitions 9-103Purchase-money Security Interest; Application of Payments; Burden of Establishing 9-104Control of Deposit Account 9-105Control of Electronic Chattel Paper 9-106Control of Investment Property 9-107Control of Letter-of-Credit Right 9-108Sufficiency of Description 9-109Scope 9-110Security Interests Arising Under Article 2 or 2A 9-201General Effectiveness of Security Agreement 9-202Title to Collateral Immaterial 9-203Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligations; Formal Requisites 9-204After–Acquired Property; Future Advances 9-205Use or Disposition of Collateral Permissible 9-206Security Interest Arising in Purchase or Delivery of Financial Asset 9-207Rights and Duties of Secured Party Having Possession or Control of Collateral 9-208Additional Duties of Secured Party Having Control of Collateral 9-209Duties of Secured Party if Account Debtor has been Notified of Assignment 9-210Request for Accounting; Request Regarding List of Collateral or Statement of Account 9-301Law Governing Perfection and Priority of Security Interests 9-302Law Governing Perfection and Priority of Agricultural Liens 9-303Law Governing Perfection and Priority of Security Interests in Goods Covered by a Certificate of Title 9-304Law Governing Perfection and Priority of Security Interests in Deposit Accounts 9-305Law Governing Perfection and Priority of Security Interests in Investment Property 9-306Law Governing Perfection and Priority of Security Interests in Letter-of-Credit Rights 9-307Location of Debtor 9-308When Security Interest or Agricultural Lien is Perfected; Continuity of Perfection 9-309Security Interest Perfected Upon Attachment 9-310When Filing Required to Perfect Security Interest or Agricultural Lien; Security Interests and Agricultural Liens to Which Filing Provisions Do Not Apply 9-311Perfection of Security Interests in Property Subject to Certain Statutes, Regulations, and Treaties 9-312Perfection of Security Interests in Chattel Paper, Deposit Accounts, Documents, Goods Covered by Documents, Instruments, Investment Property, Letter–of–Credit Rights, and Money; Perfection by Permissive Filing; Temporary Perfection Without Filing or Transfer of Possession 9-313When Possession by or Delivery to Secured Party Perfects Security Interest Without Filing 9-314Perfection by Control 9-315Secured Party's Rights on Disposition of Collateral and in Proceeds 9-316Continued Perfection of Security Interest Following Change in Governing Law 9-317Interests That Take Priority Over or Take Free of Security Interest or Agricultural Lien 9-318No Interest Retained in Right to Payment That is Sold; Rights and Title of Seller of Account or Chattel Paper With Respect to Creditors and Purchasers 9-319Rights and Title of Consignee with Respect to Creditors and Purchasers 9-320Buyer of Goods 9-321License of General Intangible and Lessee of Goods in Ordinary Course of Business 9-322Priorities Among Conflicting Security Interests in and Agricultural Liens on Same Collateral 9-323Future Advances 9-324Priority of Purchase-money Security Interests 9-325Priority of Security Interests in Transferred Collateral 9-326Priority of Security Interests Created by New Debtor 9-327Priority of Security Interests in Deposit Account 9-328Priority of Security Interests in Investment Property 9-329Priority of Security Interests in Letter-of-credit Right 9-330Priority of Purchaser of Chattel Paper or Instrument 9-331Priority of Rights of Purchasers of Instruments, Documents, and Securities Under Other Articles; Priority of Interests in Financial Assets and Security Entitlements Under Article 8 9-332Transfer of Money; Transfer of Funds from Deposit Account 9-333Priority of Certain Liens Arising by Operation of Law 9-334Priority of Security Interests in Fixtures and Crops 9-335Accessions 9-336Commingled Goods 9-337Priority of Security Interests in Goods Covered by Certificate of Title 9-338Priority of Security Interest or Agricultural Lien Perfected by Filed Financing Statement Providing Certain Incorrect Information 9-339Priority Subject to Subordination 9-340Effectiveness of Right of Recoupment or Set-off Against Deposit Account 9-341Bank's Rights and Duties with Respect to Deposit Account 9-342Bank's right to refuse to enter into or disclose existence of control agreement 9-401Alienability of Debtor's Rights 9-402Secured Party Not Obligated On Contract Of Debtor Or In Tort 9-403Agreement Not to Assert Defenses Against Assignee 9-404Rights Acquired by Assignee; Claims and Defenses Against Assignee 9-405Modification of Assigned Contract 9-406Discharge of Account Debtor; Notification of Assignment; Identification and Proof of Assignment; Restrictions on Assignment of Accounts, Chattel Paper, Payment Intangibles, and Promissory Notes Ineffective 9-407Restrictions on Creation or Enforcement of Security Interest in Leasehold Interest or in Lessor's Residual Interest 9-408Restrictions on Assignment of Promissory Notes, Health–Care–Insurance Receivables, and Certain General Intangibles Ineffective 9-409Restrictions on Assignment of Letter–of–Credit Rights Ineffective 9-501Filing Office 9-502Contents of Financing Statement; Record of Mortgage as Financing Statement; Time of Filing Financing Statement 9-503Name of Debtor and Secured Party 9-504Indication of Collateral 9-505Filing and Compliance With Other Statutes and Treaties for Consignments, Leases, Other Bailments, and Other Transactions 9-506Effect of Errors or Omissions 9-507Effect of Certain Events on Effectiveness of Financing Statement 9-508Effectiveness of Financing Statement if New Debtor Becomes Bound by Security Agreement 9-509Persons Entitled to File a Record 9-510Effectiveness of Filed Record 9-511Secured Party of Record 9-512Amendment of Financing Statement 9-513Termination Statement 9-514Assignment of Powers of Secured Party of Record 9-515Duration and Effectiveness of Financing Statement; Effect of Lapsed Financing Statement 9-516What Constitutes Filing; Effectiveness of Filing 9-517Effect of Indexing Errors 9-518Claim Concerning Inaccurate or Wrongfully Filed Record 9-519Numbering, Maintaining, and Indexing Records; Communicating Information Provided in Records 9-520Acceptance and Refusal to Accept Record 9-521Uniform Form of Written Financing Statement and Amendment 9-522Maintenance and Destruction of Records 9-523Information from Filing Office; Sale or License of Records 9-524Delay by Filing Office 9-525Fees 9-526Filing–Office Rules 9-601Rights After Default; Judicial Enforcement; Consignor or Buyer of Accounts, Chattel Paper, Payment Intangibles, or Promissory Notes 9-602Waiver and Variance of Rights and Duties 9-603Agreement on Standards Concerning Rights and Duties 9-604Procedure if Security Agreement Covers Real Property or Fixtures 9-605Unknown Debtor or Secondary Obligor 9-606Time of Default for Agricultural Lien 9-607Collection and Enforcement by Secured Party 9-608Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus 9-609Secured Party's Right to Take Possession After Default 9-610Disposition of Collateral After Default 9-611Notification Before Disposition of Collateral 9-612Timeliness of Notification Before Disposition of Collateral 9-613Contents and Form of Notification Before Disposition of Collateral: General 9-614Contents and Form of Notification Before Disposition of Collateral: Consumer–Goods Transaction 9-615Application of Proceeds of Disposition; Liability for Deficiency and Right to Surplus 9-616Explanation of Calculation of Surplus or Deficiency 9-617Rights of Transferee of Collateral 9-618Rights and Duties of Certain Secondary Obligors 9-619Transfer of Record or Legal Title 9-620Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral 9-621Notification of Proposal to Accept Collateral 9-622Effect of Acceptance of Collateral 9-623Right to Redeem Collateral 9-624Waiver 9-625Remedies for Secured Party's Failure to Comply with Article 9-626Action in Which Deficiency or Surplus is in Issue 9-627Determination of Whether Conduct was Commercially Reasonable 9-628Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor 9-701Effective Date 9-702Savings Clause 9-703Security Interest Perfected Before Effective Date 9-704Security Interest Unperfected Before Effective Date 9-705Effectiveness of Action Taken Before Effective Date 9-706When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement 9-707Amendment of Pre-effective-date Financing Statement 9-708Persons Entitled to File Initial Financing Statement or Continuation Statement 9-709Priority 9-801Effective Date 9-802Savings Clause 9-803Security Interest Perfected Before Effective Date 9-804Security Interest Unperfected Before Effective Date 9-805Effectiveness Of Action Taken Before Effective Date 9-806When Initial Financing Statement Suffices To Continue Effectiveness Of Financing Statement 9-807Amendment Of Pre–Effective Date Financing Statement 9-808Person Entitled To File Initial Financing Statement Or Continuation Statement 9-809Priority