Simplified Filing System. All filing under Revised Article 9 is at the location of the debtor except for fixtures, timber, minerals, oil, and gas, If the debtor is a corporation, it is located at the place of registration in the state of incorporation. So, when the collateral is inventory and equipment located in 20 states, it will no longer be necessary to file in more than one state. A simplified national form of financing statement must be used. The financing statement need not be signed by the debtor.
Electronic filing is permitted.
Freedom of contract is increased by generally invalidating restrictions on assignment of payment rights of any kind and by limiting restrictions on the granting of security interests in personal property. Ordinary warranties of title apply to a nonjudicial foreclosure sale unless disclaimed. If challenged, the secured party has the burden of proving that its sale was commercially reasonable. Before recovering a deficiency in a consumer transaction, the secured party must explain how the deficiency is calculated. The definition of good faith requires, not just subjective honesty, but also the observance of reasonable commercial standards of fair dealing.