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1、SecuredTransactionRichardColsonI.IntroductionInthebusinessword,apromisetopayisrarelyenough.Thepromisewantstobesecured.Thisisthebasisoftheconceptofthesecuredtransaction.Thebestknowsecuritydeviceisthemortgageonreal(immovable)property.Themortgagesecuresthepromiseofrealpropertyownertorepaytheloanofth
2、efinancier.Personal(movable)propertyisusedinavarietyofmethodstosecureanindebtednessorapromisetopayinthefuture.MostofthesemethodsareregulatedbyArticle9oftheUniformCommercialCode(UCC),asamendedin1974,whichhasbeenadopted(withsomemodification)byallU.S.jurisdiction,exceptLouisiana.Thecodificationhassu
3、persededmostpriorlegislationandtheearliercommomlawofsecuredtransaction.Conceptlikeconditionalsale(inwhichthesellerownership)andchattelmortgage(inwhichpersonalpropertyismortgage)havebecomeobsolete.Thispaperdealswithsecuritydevicesthat,inaccordancewithUCCArticle9,arecreatedbyexpressagreement,so-cal
4、ledconsensualliens.Itdoesnotdealwithsecuritydevicesthatarecreatedbylaw,suchasabank’srighttoselloffacustomer’sbalanceondepositagainstclaimsthatthebankmayhaveagainstthecustomer,orthelien,Thatawarehousemanhasagainstapartywhoowesstoragefees,oramechanic’slien,aninnkeeper’slien,orlawyer’slien.Thesesecu
5、rityrightsarecreatedbylaw,notbyagreementbetweentheparties.Practicallyspeaking,theydonotariseunlessasserted.Thereis,however,onesecuritydevicethatarisesautomatically,namelyacourtjudgment.Acourtjudgmentcreatesalienagainstthepropertyofthepartyagainstwhomthejudgmentisrendered.Inmostjurisdictions,theli
6、enattachesautomaticallytorealpropertyownedbyajudgmentdebtor,whilesomefurtheradministrativeproceduresarerequiredtoattachthetopersonalproperty.Article9oftheUCCisaverycomplexanddetailedpieceoflegislation.Legalscholarandcourtshavedevotedagreatdealofattentiontoit.Hereisanoutlineofthetopicinthemostgene
7、ralterms.Onewhowishestoacquireapieceofabusinessmustfirstinquirewhetherthepropertyorbusinessisencumberedwithastatutorylien,orwhetheritisthesubjectofasecuredtransaction.Thissearch,whichmustbeconductedinvariousgovernmenta
