Secured transactions are governed by which provision?

Secured transactions are governed by which provision?

• A. General Obligations Law (GOL)
• B. Real Property Law (RPL)
• C. Civil Practice Law and Rules (CPLR)
• D. Uniform Commercial Code, Article 9

Answer: (D)

Secured transactions are governed by the Uniform Commercial Code, Article 9. This part of the UCC deals specifically with security interests in personal property, including how such interests are created (attachment), perfected (usually by filing a financing statement), and enforced if the debtor defaults. It also sets rules for priority among competing creditors and the remedies available to lenders. The other laws listed handle different areas—General Obligations Law covers broad obligations and contracts in some jurisdictions, Real Property Law covers real estate interests, and Civil Practice Law and Rules governs court procedures—so they don’t govern security interests in personal property like Article 9 does.

Secured transactions are governed by the Uniform Commercial Code, Article 9. This part of the UCC deals specifically with security interests in personal property, including how such interests are created (attachment), perfected (usually by filing a financing statement), and enforced if the debtor defaults. It also sets rules for priority among competing creditors and the remedies available to lenders. The other laws listed handle different areas—General Obligations Law covers broad obligations and contracts in some jurisdictions, Real Property Law covers real estate interests, and Civil Practice Law and Rules governs court procedures—so they don’t govern security interests in personal property like Article 9 does.