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1、SecuredTransactionRichardColsonI.IntroductionInthebusinessword,apromisetopayisrarelyenough.Thepromisewantstobesecured.Thisisthebasisoftheconceptofthesecuredtransaction.Thebestknowsecuritydeviceisthemortgageonreal(immovable)property.Themortgagesecuresthepromiseofrealpropertyownertor
2、epaytheloanofthefinancier.Personal(movable)propertyisusedinavarietyofmethodstosecureanindebtednessorapromisetopayinthefuture.MostofthesemethodsareregulatedbyArticle9oftheUniformCommercialCode(UCC),asamendedin1974,whichhasbeenadopted(withsomemodification)byallU.S.jurisdiction,except
3、Louisiana.Thecodificationhassupersededmostpriorlegislationandtheearliercommomlawofsecuredtransaction.Conceptlikeconditionalsale(inwhichthesellerownership)andchattelmortgage(inwhichpersonalpropertyismortgage)havebecomeobsolete.Thispaperdealswithsecuritydevicesthat,inaccordancewithUC
4、CArticle9,arecreatedbyexpressagreement,so-calledconsensualliens.Itdoesnotdealwithsecuritydevicesthatarecreatedbylaw,suchasabank’srighttoselloffacustomer’sbalanceondepositagainstclaimsthatthebankmayhaveagainstthecustomer,orthelien,Thatawarehousemanhasagainstapartywhoowesstoragefees,
5、oramechanic’slien,aninnkeeper’slien,orlawyer’slien.Thesesecurityrightsarecreatedbylaw,notbyagreementbetweentheparties.Practicallyspeaking,theydonotariseunlessasserted.Thereis,however,onesecuritydevicethatarisesautomatically,namelyacourtjudgment.Acourtjudgmentcreatesalienagainstthep
6、ropertyofthepartyagainstwhomthejudgmentisrendered.Inmostjurisdictions,thelienattachesautomaticallytorealpropertyownedbyajudgmentdebtor,whilesomefurtheradministrativeproceduresarerequiredtoattachthetopersonalproperty.Article9oftheUCCisaverycomplexanddetailedpieceoflegislation.Legals
7、cholarandcourtshavedevotedagreatdealofattentiontoit.Hereisanoutlineofthetopicinthemostgeneralterms.Onewhowishestoacquireapieceofabusinessmustfirstinquirewhetherthepropertyorbusinessisencumberedwithastatutorylien,orwhetheritisthesubjectofasecuredtransaction.Thissearch,whichmustbecon
8、ductedinvariousgovernmenta
