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1、SecuredTransactionRichardColsonI.IntroductionInthebusinessword,apromisetopayisrarelyenough.Thepromisewantstobesecured.Thisisthebasisoftheconceptofthesecuredtransaction.Thebestknowsecuritydeviceisthemortgageonreal(immovable)property.Themortgagesecuresthepromiseofrealpropertyownertorepaytheloan
2、ofthefinancier.Personal(movable)propertyisusedinavarietyofmethodstosecureanindebtednessorapromisetopayinthefuture.MostofthesemethodsareregulatedbyArticle9oftheUniformCommercialCode(UCC),asamendedin1974,whichhasbeenadopted(withsomemodification)byallU.S.jurisdiction,exceptLouisiana.Thecodificat
3、ionhassupersededmostpriorlegislationandtheearliercommomlawofsecuredtransaction.Conceptlikeconditionalsale(inwhichthesellerownership)andchattelmortgage(inwhichpersonalpropertyismortgage)havebecomeobsolete.Thispaperdealswithsecuritydevicesthat,inaccordancewithUCCArticle9,arecreatedbyexpressagre
4、ement,so-calledconsensualliens.Itdoesnotdealwithsecuritydevicesthatarecreatedbylaw,suchasabank’srighttoselloffacustomer’sbalanceondepositagainstclaimsthatthebankmayhaveagainstthecustomer,orthelien,Thatawarehousemanhasagainstapartywhoowesstoragefees,oramechanic’slien,aninnkeeper’slien,orlawyer
5、’slien.Thesesecurityrightsarecreatedbylaw,notbyagreementbetweentheparties.Practicallyspeaking,theydonotariseunlessasserted.Thereis,however,onesecuritydevicethatarisesautomatically,namelyacourtjudgment.Acourtjudgmentcreatesalienagainstthepropertyofthepartyagainstwhomthejudgmentisrendered.Inmos
6、tjurisdictions,thelienattachesautomaticallytorealpropertyownedbyajudgmentdebtor,whilesomefurtheradministrativeproceduresarerequiredtoattachthetopersonalproperty.Article9oftheUCCisaverycomplexanddetailedpieceoflegislation.Legalscholarandcourtshavedevotedagreatdealofattentiontoit.Hereisanoutlin
7、eofthetopicinthemostgeneralterms.Onewhowishestoacquireapieceofabusinessmustfirstinquirewhetherthepropertyorbusinessisencumberedwithastatutorylien,orwhetheritisthesubjectofasecuredtransaction.Thissearch,whichmustbeconductedinvariousgovernmenta
