reglab/statecodes huggingface dataset:
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 1 - GENERAL PROVISIONS (§§ 4-9-101 — 4-9-110) › Section 4-9-104 - Control of deposit account

(a)
A secured party has control of a deposit account if:
(1)
The secured party is the bank with which the deposit account is maintained;
(2)
The debtor, secured party, and bank have agreed in a signed record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor;
(3)
The secured party becomes the bank's customer with respect to the deposit account; or
(4)
Another person, other than the debtor:
(A)
Has control of the deposit account and acknowledges that it has control on behalf of the secured party; or
(B)
Obtains control of the deposit account after having acknowledged that it will obtain control of the deposit account on behalf of the secured party.
(b)
A secured party that has satisfied subsection (a) of this section has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
Amended by 2023 Ch. 136,§ 43, eff. 8/7/2023.
L. 2001: Entire article R&RE, p. 1328, § 1, effective July 1.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 1 - GENERAL PROVISIONS (§§ 4-9-101 — 4-9-110) › Section 4-9-106 - Control of investment property

(a)
A person has control of a certificated security, uncertificated security, or security entitlement as provided in section
4-8-106
.
(b)
A secured party has control of a commodity contract if:
(1)
The secured party is the commodity intermediary with which the commodity contract is carried; or
(2)
The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
(c)
A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.
L. 2001: Entire article R&RE, p. 1329, § 1, effective July 1.
The provisions of this section are similar to former §§ 4-9-115(e) and 4-8-106 as they existed prior to 2001.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 1 - GENERAL PROVISIONS (§§ 4-9-101 — 4-9-110) › Section 4-9-107 - Control of letter-of-credit right

A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under section
4-5-114(c)
or otherwise applicable law or practice.
L. 2001: Entire article R&RE, p. 1330, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 1 - GENERAL PROVISIONS (§§ 4-9-101 — 4-9-110) › Section 4-9-107.5 - Control of controllable electronic record, controllable account, or controllable payment intangible

(a)
A secured party has control of a controllable electronic record as provided in section
4-12-105
.
(b)
A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the controllable account or controllable payment intangible.
Added by 2023 Ch. 136,§ 45, eff. 8/7/2023.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 1 - GENERAL PROVISIONS (§§ 4-9-101 — 4-9-110) › Section 4-9-108 - Sufficiency of description

(a)
Except as otherwise provided in subsections (c), (d), (e), and (f) of this section, a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.
(b)
Except as otherwise provided in subsection (d) of this section, a description of collateral reasonably identifies the collateral if it identifies the collateral by:
(1)
Specific listing;
(2)
Category, including a category determined by use of a numerical or other code included in forms and formats adopted from time to time by the secretary of state;
(3)
Except as otherwise provided in subsection (e) of this section, a type of collateral defined in this title;
(4)
Quantity;
(5)
Computational or allocational formula or procedure; or
(6)
Except as otherwise provided in subsection (c) of this section, any other method, if the identity of the collateral is objectively determinable.
(c)
A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral.
(d)
Except as otherwise provided in subsection (e) of this section, a description of a security entitlement, securities account, or commodity account is sufficient if it describes:
(1)
The collateral by those terms or as investment property; or
(2)
The underlying financial asset or commodity contract.
(e)
A description only by type of collateral defined in this title is an insufficient description of:
(1)
A commercial tort claim;
(2)
In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account; or
(3)
A deposit account.
(f)
Any description in the security agreement of personal property that includes consumer goods is sufficient as to the consumer goods only if it specifically identifies and itemizes such consumer goods.
L. 2001: Entire article R&RE, p. 1330, § 1, effective July 1.
(1) The provisions of this section are similar to former §§ 4-9-110 and 4 - 9-115 (3) as they existed prior to 2001.
(2)
Colorado legislative change:
Colorado added the phrase "including a category determined by use of a numerical or other code included in forms and formats adopted from time to time by the secretary of state;" in subsection (b)(2), added a new paragraph (3) to subsection (e), and added a new subsection (f).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 1 - GENERAL PROVISIONS (§§ 4-9-101 — 4-9-110) › Section 4-9-110 - Security interests arising under article 2 or 2.5

A security interest arising under section
4-2-401
,
4-2-505
,
4-2-711(3)
, or
4-2.5-508(5)
is subject to this article. However, until the debtor obtains possession of the goods:
(1)
The security interest is enforceable, even if section
4-9-203(b)(3)
has not been satisfied;
(2)
Filing is not required to perfect the security interest;
(3)
The rights of the secured party after default by the debtor are governed by article 2 or 2.5 of this title; and
(4)
The security interest has priority over a conflicting security interest created by the debtor.
L. 2001: Entire article R&RE, p. 1333, § 1, effective July 1.
This section is similar to former § 4-9-113 as it existed prior to 2001.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (§§ 4-9-201 — 4-9-210) › Section 4-9-201 - General effectiveness of security agreement

(a)
Except as otherwise provided by this title, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.
(b)
A transaction subject to this article 9 is subject to any applicable rule of law that establishes a different rule for consumers and any other statute or rule of this state that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit and any consumer protection statute or rule of this state, including, but not limited to, the "Uniform Consumer Credit Code", articles
1
to
9
of title
5
; the "Colorado Consumer Protection Act", article
1
of title
6
; "assignment of wages", article
9
of title
8
; "property and earnings exempt", article
54
of title
13
; and the "Colorado Fair Debt Collection Practices Act", article
16
of title
5
.
(c)
In case of conflict between this article and a rule of law, statute, or regulation described in subsection (b) of this section, the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) of this section has only the effect the statute or regulation specifies.
(d)
This article does not:
(1)
Validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b) of this section; or
(2)
Extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.
Amended by 2017 Ch. 260,§ 5, eff. 8/9/2017.
L. 2001: Entire article R&RE, p. 1334, § 1, effective July 1. L. 2002: (b) and (c) amended, p. 937, § 2, effective August 7. L. 2017: (b) amended, (HB 17-1238), ch. 260, p. 1169, § 5, effective August 9.
(1) The provisions of this section are similar to former §§ 4-9-201 and 4-9-203 (4) as they existed prior to 2001.
(2)
Colorado legislative change:
Colorado did not adopt the phrase "rule of law" in subsections (b) and (c) in 2001 when this article was repealed and reenacted. The phrase was subsequently adopted in 2002.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (§§ 4-9-201 — 4-9-210) › Section 4-9-202 - Title to collateral immaterial

Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
L. 2001: Entire article R&RE, p. 1334, § 1, effective July 1.
This section is similar to former § 4-9-202 as it existed prior to 2001.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (§§ 4-9-201 — 4-9-210) › Section 4-9-204 - After-acquired property - future advances

(a)
Except as otherwise provided in subsection (b) of this section, a security agreement may create or provide for a security interest in after-acquired collateral.
(b)
Subject to subsection (b.1) of this section, a security interest does not attach under a term constituting an after-acquired property clause to:
(1)
Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten days after the secured party gives value; or
(2)
A commercial tort claim.
(b.1)
Subsection (b) of this section does not prevent a security interest from attaching:
(1)
To consumer goods as proceeds under section
4-9-315 (a)
or commingled goods under section
4-9-336 (c)
;
(2)
To a commercial tort claim as proceeds under section
4-9-315 (a)
; or
(3)
Under an after-acquired property clause to property that is proceeds of consumer goods or a commercial tort claim.
(c)
A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.
Amended by 2023 Ch. 136,§ 47, eff. 8/7/2023.
L. 2001: Entire article R&RE, p. 1336, § 1, effective July 1.
This section is similar to former § 4-9-204 as it existed prior to 2001.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (§§ 4-9-201 — 4-9-210) › Section 4-9-205 - Use or disposition of collateral permissible

(a)
A security interest is not invalid or fraudulent against creditors solely because:
(1)
The debtor has the right or ability to:
(A)
Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;
(B)
Collect, compromise, enforce, or otherwise deal with collateral;
(C)
Accept the return of collateral or make repossessions; or
(D)
Use, commingle, or dispose of proceeds; or
(2)
The secured party fails to require the debtor to account for proceeds or replace collateral.
(b)
This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.
L. 2001: Entire article R&RE, p. 1336, § 1, effective July 1.
This section is similar to former § 4-9-205 as it existed prior to 2001.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (§§ 4-9-201 — 4-9-210) › Section 4-9-206 - Security interest arising in purchase or delivery of financial asset

(a)
A security interest in favor of a securities intermediary attaches to a person's security entitlement if:
(1)
The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and
(2)
The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.
(b)
The security interest described in subsection (a) of this section secures the person's obligation to pay for the financial asset.
(c)
A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:
(1)
The security or other financial asset:
(A)
In the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and
(B)
Is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and
(2)
The agreement calls for delivery against payment.
(d)
The security interest described in subsection (c) of this section secures the obligation to make payment for the delivery.
L. 2001: Entire article R&RE, p. 1337, § 1, effective July 1.
This section is similar to former § 4-9-116 as it existed prior to 2001.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (§§ 4-9-201 — 4-9-210) › Section 4-9-207 - Rights and duties of secured party having possession or control of collateral

(a)
Except as otherwise provided in subsection (d) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.
(b)
Except as otherwise provided in subsection (d) of this section, if a secured party has possession of collateral:
(1)
Reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral;
(2)
The risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage;
(3)
The secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and
(4)
The secured party may use or operate the collateral:
(A)
For the purpose of preserving the collateral or its value;
(B)
As permitted by an order of a court having competent jurisdiction; or
(C)
Except in the case of consumer goods, in the manner and to the extent agreed by the debtor.
(c)
Except as otherwise provided in subsection (d) of this section, a secured party having possession of collateral or control of collateral under section
4-7-106
,
4-9-104
,
4-9-105
,
4-9-106
,
4-9-107
, or
4-9-107.5
:
(1)
May hold as additional security any proceeds, except money or funds, received from the collateral;
(2)
Shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and
(3)
May create a security interest in the collateral.
(d)
If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor:
(1)
Subsection (a) of this section does not apply unless the secured party is entitled under an agreement:
(A)
To charge back uncollected collateral; or
(B)
Otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and
(2)
Subsections (b) and (c) of this section do not apply.
Amended by 2023 Ch. 136,§ 48, eff. 8/7/2023.
L. 2001: Entire article R&RE, p. 1337, § 1, effective July 1. L. 2006: IP(c) amended, p. 500, § 35, effective September 1.
This section is similar to former § 4-9-207 as it existed prior to 2001.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT (§§ 4-9-201 — 4-9-210) › Section 4-9-209 - Duties of secured party if account debtor has been notified of assignment

(a)
Except as otherwise provided in subsection (c) of this section, this section applies if:
(1)
There is no outstanding secured obligation; and
(2)
The secured party is not committed to make advances, incur obligations, or otherwise give value.
(b)
Within ten days after receiving a signed demand by the debtor, a secured party shall send to an account debtor that has received notification under section
4-9-406 (a)
or
4-12-106 (b)
of an assignment to the secured party as assignee a signed record that releases the account debtor from any further obligation to the secured party.
(c)
This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.
Amended by 2023 Ch. 136,§ 50, eff. 8/7/2023.
L. 2001: Entire article R&RE, p. 1340, § 1, effective July 1.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-301 - Law governing perfection and priority of security interests

Except as otherwise provided in sections
4-9-303
to
4-9-306.7
, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:
(1)
Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
(2)
While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.
(3)
Except as otherwise provided in subsection (4) of this section, while negotiable tangible documents, goods, instruments, or money is located in a jurisdiction, the local law of that jurisdiction governs:
(A)
Perfection of a security interest in the goods by filing a fixture filing;
(B)
Perfection of a security interest in timber to be cut; and
(C)
The effect of perfection or nonperfection and the priority of a nonpossessory security interest in the collateral.
(4)
The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
Amended by 2023 Ch. 136,§ 52, eff. 8/7/2023.
L. 2001: Entire article R&RE, p. 1341, § 1, effective July 1. L. 2006: IP(3) amended, p. 501, § 37, effective September 1.
This section is similar to former § 4-9-103 as it existed prior to 2001.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-302 - Law governing perfection and priority of agricultural liens

While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products.
L. 2001: Entire article R&RE, p. 1342, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-303 - Law governing perfection and priority of security interests in goods covered by a certificate of title

(a)
This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor.
(b)
Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction.
(c)
The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title.
L. 2001: Entire article R&RE, p. 1342, § 1, effective July 1.
This section is similar to former § 4-9-103 as it existed prior to 2001.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-304 - Law governing perfection and priority of security interests in deposit accounts

(a)
The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank even if the transaction does not bear any relation to the bank's jurisdiction.
(b)
The following rules determine a bank's jurisdiction for purposes of this part 3:
(1)
If an agreement between the bank and its customer governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this part 3, this article, or this title, that jurisdiction is the bank's jurisdiction.
(2)
If paragraph (1) of this subsection (b) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(3)
If neither paragraph (1) nor paragraph (2) of this subsection (b) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(4)
If none of paragraphs (1), (2), and (3) of this subsection (b) applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.
(5)
If none of paragraphs (1), (2), (3), and (4) of this subsection (b) applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located.
Amended by 2023 Ch. 136,§ 53, eff. 8/7/2023.
L. 2001: Entire article R&RE, p. 1343, § 1, effective July 1. L. 2002: (b)(1) amended, p. 938, § 3, effective August 7.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-306 - Law governing perfection and priority of security interests in letter-of-credit rights

(a)
Subject to subsection (c) of this section, the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state.
(b)
For purposes of this part 3, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in section
4-5-116
.
(c)
This section does not apply to a security interest that is perfected only under section
4-9-308(d)
.
L. 2001: Entire article R&RE, p. 1344, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-306.7 - Law governing perfection and priority of security interests in controllable accounts, controllable electronic records, and controllable payment intangibles

(a)
Except as provided in subsection (b) of this section, the local law of the controllable electronic record's jurisdiction specified in section
4-12-107 (c) and (d)
governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a controllable electronic record and a security interest in a controllable account or controllable payment intangible evidenced by the controllable electronic record.
(b)
The local law of the jurisdiction in which the debtor is located governs:
(1)
Perfection of a security interest in a controllable account, controllable electronic record, or controllable payment intangible by filing; and
(2)
Automatic perfection of a security interest in a controllable payment intangible created by a sale of the controllable payment intangible.
Added by 2023 Ch. 136,§ 55, eff. 8/7/2023.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-308 - When security interest or agricultural lien is perfected - continuity of perfection

(a)
Except as otherwise provided in this section and section
4-9-309
, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections
4-9-310
to
4-9-316
have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
(b)
An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in section
4-9-310
have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
(c)
A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this article and is later perfected by another method under this article, without an intermediate period when it was unperfected.
(d)
Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.
(e)
Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.
(f)
Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
(g)
Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.
L. 2001: Entire article R&RE, p. 1346, § 1, effective July 1.
The provisions of this section are similar to former §§ 4-9-115(2) and 4-9-303 as they existed prior to 2001.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-309 - Security interest perfected upon attachment

The following security interests are perfected when they attach:
(1)
A purchase-money security interest in consumer goods, except as otherwise provided in section
4-9-311(b)
with respect to consumer goods that are subject to a statute or treaty described in section
4-9-311(a)
;
(2)
An assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles;
(3)
A sale of a payment intangible;
(4)
A sale of a promissory note;
(5)
A security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services;
(6)
A security interest arising under section
4-2-401
,
4-2-505
,
4-2-711(3)
, or
4-2.5-508(5)
, until the debtor obtains possession of the collateral;
(7)
A security interest of a collecting bank arising under section
4-4-210
;
(8)
A security interest of an issuer or nominated person arising under section
4-5-117.5
;
(9)
A security interest arising in the delivery of a financial asset under section
4-9-206(c)
;
(10)
A security interest in investment property created by a broker or securities intermediary;
(11)
A security interest in a commodity contract or a commodity account created by a commodity intermediary;
(12)
An assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder;
(13)
A security interest created by an assignment of a beneficial interest in a decedent's estate; and
(14)
A sale by an individual of an account that is a right to payment of winnings in a lottery or other game of chance.
L. 2001: Entire article R&RE, p. 1347, § 1, effective July 1. L. 2002: (14) added, p. 938, § 4, effective August 7.
(1) The provisions of this section are similar to provisions of several former sections as they existed prior to 2001.
(2)
Colorado legislative change:
Colorado substituted the reference to §
4-5-117.5
for the uniform act's reference to §
4-5-118
in paragraph (8).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-310 - When filing required to perfect security interest or agricultural lien - security interests and agricultural liens to which filing provisions do not apply

(a)
Except as otherwise provided in subsection (b) of this section and section
4-9-312 (b)
, a financing statement must be filed to perfect all security interests and agricultural liens.
(b)
The filing of a financing statement is not necessary to perfect a security interest:
(1)
That is perfected under section
4-9-308 (d), (e), (f), or (g)
;
(2)
That is perfected under section
4-9-309
when it attaches;
(3)
In property subject to a statute, regulation, or treaty described in section
4-9-311 (a)
;
(4)
In goods in possession of a bailee which is perfected under section
4-9-312 (d)(1) or (2)
;
(5)
In certificated securities, documents, goods, or instruments that is perfected without filing, control, or possession under section
4-9-312 (e), (f), or (g)
;
(6)
In collateral in the secured party's possession under section
4-9-313
;
(7)
In a certificated security which is perfected by delivery of the security certificate to the secured party under section
4-9-313
;
(8)
In controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property, or letter-of-credit rights that is perfected by control under section
4-9-314
;
(8.1)
In chattel paper that is perfected by possession and control under section
4-9-314.5
;
(9)
In proceeds which is perfected under section
4-9-315
; or
(10)
That is perfected under section
4-9-316
.
(c)
If a secured party assigns a perfected security interest or agricultural lien, a filing under this article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.
Amended by 2023 Ch. 136,§ 56, eff. 8/7/2023.
L. 2001: Entire article R&RE, p. 1348, § 1, effective July 1. L. 2006: (b)(5) and (b)(8) amended, p. 501, § 38, effective September 1.
This section is similar to former § 4-9-302 as it existed prior to 2001.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-314 - Perfection by control

(a)
A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property, or letter-of-credit rights may be perfected by control of the collateral under section
4-7-106
,
4-9-104
,
4-9-106
,
4-9-107
, or
4-9-107.5
.
(b)
A security interest in controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, or letter-of-credit rights is perfected by control under section
4-7-106
,
4-9-104
,
4-9-107
, or
4-9-107.5
not earlier than the time the secured party obtains control and remains perfected by control only while the secured party retains control.
(c)
A security interest in investment property is perfected by control under section
4-9-106
not earlier than the time the secured party obtains control and remains perfected by control until:
(1)
The secured party does not have control; and
(2)
One of the following occurs:
(A)
If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;
(B)
If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or
(C)
If the collateral is a security entitlement, the debtor is or becomes the entitlement holder.
Amended by 2023 Ch. 136,§ 59, eff. 8/7/2023.
L. 2001: Entire article R&RE, p. 1352, § 1, effective July 1. L. 2006: (a) and (b) amended, p. 502, § 41, effective September 1.
This section is similar to former § 4-9-115(4) as it existed prior to 2001.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-314.5 - Perfection by possession and control of chattel paper

(a)
A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritative electronic copy of the electronic record evidencing the chattel paper.
(b)
A security interest is perfected under subsection (a) of this section not earlier than the time the secured party takes possession and obtains control and remains perfected under subsection (a) of this section only while the secured party retains possession and control.
(c)
Section
4-9-313 (c) and (f) to (i)
applies to perfection by possession of an authoritative tangible copy of a record evidencing chattel paper.
Added by 2023 Ch. 136,§ 60, eff. 8/7/2023.
2023 Ch. 136, was passed without a safety clause. See Colo. Const. art. V, § 1(3).
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-315 - Secured party's rights on disposition of collateral and in proceeds

(a)
Except as otherwise provided in this article and in section
4-2-403(2)
:
(1)
A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and
(2)
A security interest attaches to any identifiable proceeds of collateral.
(b)
Proceeds that are commingled with other property are identifiable proceeds:
(1)
If the proceeds are goods, to the extent provided by section
4-9-336
; and
(2)
If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this article with respect to commingled property of the type involved.
(c)
A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.
(d)
A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:
(1)
The following conditions are satisfied:
(A)
A filed financing statement covers the original collateral;
(B)
The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and
(C)
The proceeds are not acquired with cash proceeds;
(2)
The proceeds are identifiable cash proceeds; or
(3)
The security interest in the proceeds is perfected other than under subsection (c) of this section when the security interest attaches to the proceeds or within twenty days thereafter.
(e)
If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under paragraph (1) of subsection (d) of this section becomes unperfected at the later of:
(1)
When the effectiveness of the filed financing statement lapses under section
4-9-515
or is terminated under section
4-9-513
; or
(2)
The twenty-first day after the security interest attaches to the proceeds.
L. 2001: Entire article R&RE, p. 1353, § 1, effective July 1.
This section is similar to former § 4-9-306 as it existed prior to 2001.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-318 - No interest retained in right to payment that is sold - rights and title of seller of account or chattel paper with respect to creditors and purchasers

(a)
A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold.
(b)
For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.
L. 2001: Entire article R&RE, p. 1356, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-319 - Rights and title of consignee with respect to creditors and purchasers

(a)
Except as otherwise provided in subsection (b) of this section, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.
(b)
For purposes of determining the rights of a creditor of a consignee, law other than this article determines the rights and title of a consignee while goods are in the consignee's possession if, under this part 3, a perfected security interest held by the consignor would have priority over the rights of the creditor.
L. 2001: Entire article R&RE, p. 1356, § 1, effective July 1.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-320 - Buyer of goods

(a)
Except as otherwise provided in subsection (e) of this section, a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer's seller, even if the security interest is perfected and the buyer knows of its existence.
(b)
Except as otherwise provided in subsection (e) of this section, a buyer of goods from a person who used or bought the goods for use primarily for personal, family, or household purposes takes free of a security interest, even if perfected, if the buyer buys:
(1)
Without knowledge of the security interest;
(2)
For value;
(3)
Primarily for the buyer's personal, family, or household purposes; and
(4)
Before the filing of a financing statement covering the goods.
(c)
To the extent that it affects the priority of a security interest over a buyer of goods under subsection (b) of this section, the period of effectiveness of a filing made in the jurisdiction in which the seller is located is governed by section
4-9-316(a) and (b)
.
(d)
A buyer in ordinary course of business buying oil, gas, or other minerals at the wellhead or minehead or after extraction takes free of an interest arising out of an encumbrance.
(e)
Subsections (a) and (b) of this section do not affect a security interest in goods in the possession of the secured party under section
4-9-313
.
L. 2001: Entire article R&RE, p. 1356, § 1, effective July 1.
This section is similar to former § 4-9-307 as it existed prior to 2001.
2023 Colorado Revised Statutes › Title 4 - UNIFORM COMMERCIAL CODE (§§ 4-1-101 — 4-13-306) › Article 9 - SECURED TRANSACTIONS (§§ 4-9-101 — 4-9-809) › Part 3 - PERFECTION AND PRIORITY (§§ 4-9-301 — 4-9-342) › Section 4-9-321 - Licensee of general intangible and lessee of goods in ordinary course of business

(a)
In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor's own usual or customary practices.
(b)
A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence.
(c)
A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence.
L. 2001: Entire article R&RE, p. 1357, § 1, effective July 1.
The provisions of this section are similar to former §§ 4-2.5-103 (1)(o) and 4-2.5-307 (3) as they existed prior to 2001.