reglab/statecodes huggingface dataset:
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-501 - Securities account — acquisition of security entitlement from securities intermediary.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 1997
400.8-501. Securities account — acquisition of security entitlement from securities intermediary. —
(a)
"Securities account"
means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.
(b) Except as otherwise provided in subsections (d) and (e), a person acquires a security entitlement if a securities intermediary:
(1) Indicates by book entry that a financial asset has been credited to the person's securities account;
(2) Receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or
(3) Becomes obligated under other law, regulation, or rule to credit a financial asset to the person's securities account.
(c) If a condition of subsection (b) has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset.
(d) If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially indorsed to the other person, and has not been indorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset.
(e) Issuance of a security is not establishment of a security entitlement.
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(L. 1997 S.B. 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-502 - Assertion of adverse claim against entitlement holder.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 1997
400.8-502. Assertion of adverse claim against entitlement holder. —
An action based on an adverse claim to a financial asset, whether framed in conversion, replevin, constructive trust, equitable lien or other theory, may not be asserted against a person who acquires a security entitlement under section 400.8-501 for value and without notice of the adverse claim.
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(L. 1997 S.B. 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-503 - Property interest of entitlement holder in financial asset held by securities intermediary.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 1997
400.8-503. Property interest of entitlement holder in financial asset held by securities intermediary. —
(a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary for the entitlement holders, are not property of the securities intermediary, and are not subject to claims of creditors of the securities intermediary, except as otherwise provided in section 400.8-511.
(b) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) is a pro rata property interest in all interests in that financial asset held by the securities intermediary, without regard to the time the entitlement holder acquired the security entitlement or the time the securities intermediary acquired the interest in that financial asset.
(c) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) may be enforced against the securities intermediary only by exercise of the entitlement holder's rights under sections 400.8-505 through 400.8-508.
(d) An entitlement holder's property interest with respect to a particular financial asset under subsection (a) may be enforced against a purchaser of the financial asset or interest therein only if:
(1) Insolvency proceedings have been initiated by or against the securities intermediary;
(2) The securities intermediary does not have sufficient interests in the financial asset to satisfy the security entitlements of all of its entitlement holders to that financial asset;
(3) The securities intermediary violated its obligations under section 400.8-504 by transferring the financial asset or interest therein to the purchaser; and
(4) The purchaser is not protected under subsection (e). The trustee or other liquidator, acting on behalf of all entitlement holders having security entitlements with respect to a particular financial asset, may recover the financial asset, or interest therein, from the purchaser. If the trustee or other liquidator elects not to pursue that right, an entitlement holder whose security entitlement remains unsatisfied has the right to recover its interest in the financial asset from the purchaser.
(e) An action based on the entitlement holder's property interest with respect to a particular financial asset under subsection (a), whether framed in conversion, replevin, constructive trust, equitable lien or other theory, may not be asserted against any purchaser of a financial asset or interest therein who gives value, obtains control, and does not act in collusion with the securities intermediary in violating the securities intermediary's obligations under section 400.8-504.
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(L. 1997 S.B. 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-504 - Duty of securities intermediary to maintain financial asset.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 1997
400.8-504. Duty of securities intermediary to maintain financial asset. —
(a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities intermediary may maintain those financial assets directly or through one or more other securities intermediaries.
(b) Except to the extent otherwise agreed by its entitlement holder, a securities intermediary may not grant any security interests in a financial asset it is obligated to maintain pursuant to subsection (a).
(c) A securities intermediary satisfies the duty in subsection (a) if:
(1) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(2) In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to obtain and maintain the financial asset.
(d) This section does not apply to a clearing corporation that is itself the obligor of an option or similar obligation to which its entitlement holders have security entitlements.
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(L. 1997 S.B. 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-505 - Duty of securities intermediary with respect to payments and distributions.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 1997
400.8-505. Duty of securities intermediary with respect to payments and distributions. —
(a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:
(1) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(2) In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.
(b) A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary.
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(L. 1997 S.B. 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-506 - Duty of securities intermediary to exercise rights as directed by entitlement holder.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 1997
400.8-506. Duty of securities intermediary to exercise rights as directed by entitlement holder. —
A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if:
(1) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(2) In the absence of agreement, the securities intermediary either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.
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(L. 1997 S.B. 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-507 - Duty of securities intermediary to comply with entitlement order.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 1997
400.8-507. Duty of securities intermediary to comply with entitlement order. —
(a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary has had reasonable opportunity to comply with the entitlement order. A securities intermediary satisfies the duty if:
(1) The securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or
(2) In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to comply with the entitlement order.
(b) If a securities intermediary transfers a financial asset pursuant to an ineffective entitlement order, the securities intermediary shall reestablish a security entitlement in favor of the person entitled to it, and pay or credit any payments or distributions that the person did not receive as a result of the wrongful transfer. If the securities intermediary does not reestablish a security entitlement, the securities intermediary is liable to the entitlement holder for damages.
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(L. 1997 S.B. 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-508 - Duty of securities intermediary to change entitlement holder's position to other form of security holding.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 1997
400.8-508. Duty of securities intermediary to change entitlement holder's position to other form of security holding. —
A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. A securities intermediary satisfies the duty if:
(1) The securities intermediary acts as agreed upon by the entitlement holder and the securities intermediary; or
(2) In the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.
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(L. 1997 S.B. 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-509 - Specification of duties of securities intermediary by other statute or regulation — manner of performance of duties of securities intermediary and exercise of rights of entitlement holder.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 1997
400.8-509. Specification of duties of securities intermediary by other statute or regulation — manner of performance of duties of securities intermediary and exercise of rights of entitlement holder. —
(a) If the substance of a duty imposed upon a securities intermediary by sections 400.8-504 through 400.8-508 is the subject of other statute, regulation or rule, compliance with that statute, regulation or rule satisfies the duty.
(b) To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.
(c) The obligation of a securities intermediary to perform the duties imposed by sections 400.8-504 through 400.8-508 is subject to:
(1) Rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and
(2) Rights of the securities intermediary under other law, regulation, rule or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.
(d) Sections 400.8-504 through 400.8-508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation or rule.
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(L. 1997 S.B. 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-510 - Rights of purchaser of security entitlement from entitlement holder.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.8-510. Rights of purchaser of security entitlement from entitlement holder. —
(a) In a case not covered by the priority rules in article 9 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.
(b) If an adverse claim could not have been asserted against an entitlement holder under section 400.8-502, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.
(c) In a case not covered by the priority rules in article 9 of this chapter, a purchaser for value of a security entitlement, or an interest therein, who obtains control has priority over a purchaser of a security entitlement, or an interest therein, who does not obtain control. Except as otherwise provided in subsection (d), purchasers who have control rank according to priority in time of:
(1) the purchaser's becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under section 400.8-106(d)(1);
(2) the securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under section 400.8-106(d)(2); or
(3) if the purchaser obtained control through another person under section 400.8-106(d)(3), the time on which priority would be based under this subsection if the other person were the secured party.
(d) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary.
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(L. 1997 S.B. 6, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-511 - Priority among security interests and entitlement holders.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 1997
400.8-511. Priority among security interests and entitlement holders. —
(a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.
(b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.
(c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders.
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(L. 1997 S.B. 6)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.8-601 - Effect of amendments to article 8.

Title XXVI TRADE AND COMMERCE
Chapter 400
Effective - 28 Aug 1998
400.8-601. Effect of amendments to article 8. —
(a) The amendments to this article which became effective August 28, 1997, do not affect an action or proceeding commenced before such effective date.
(b) If a security interest in a security is perfected on August 28, 1997, the effective date of the amendments to this article referred to in subsection (a) of this section and the action by which the security interest was perfected would suffice to perfect a security interest under this article as so amended, no further action is required to continue perfection. If a security interest in a security is perfected on August 28, 1997, the effective date of such amendments, but the action by which the security interest was perfected would not suffice to perfect a security interest under this article as so amended, the security interest remains perfected until, and including, December 31, 1998, and continues perfected thereafter, if appropriate action to perfect under this article as so amended is taken on or before December 31, 1998. If a security interest is perfected on August 28, 1997, the effective date of such amendments, and the security interest can be perfected by filing under this article as so amended, a financing statement signed by the secured party instead of the debtor may be filed on or before December 31, 1998, to continue perfection or thereafter to perfect.
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(L. 1998 H.B. 1066)
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-101 - Short title.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-101. Short title. —
This article may be cited as "Uniform Commercial Code-Secured Transactions".
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(L. 1963 p. 503 § 9-101, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-104 - Control of deposit account.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-104. 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 an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the account without further consent by the debtor; or
(3) The secured party becomes the bank's customer with respect to the deposit account.
(b) A secured party that has satisfied subsection (a) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.
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(L. 1963 p. 503 § 9-104, A.L. 1988 S.B. 583, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)
Effective 7-01-01
(1980) Statute excluding bank deposits from secured transactions provision of the Uniform Commercial Code does not apply to bank deposits which are proceeds of collateral. Morris Plan Co. v. Broadway National Bank of Kansas City (A.), 598 S.W.2d 557.
(1980) Bank's right to setoff as general creditor under statute excluding right to setoff from secured transactions provisions of the Uniform Commercial Code does not mean that general creditors may abrogate perfected security interest simply by having right to and opportunity for setoff. Morris Plan Co. v. Broadway National Bank of Kansas City (A.), 598 S.W.2d 557.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-105 - Control of electronic chattel paper.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 28 Aug 2014, 2 histories
400.9-105. Control of electronic chattel paper. —
(a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.
(b) A system satisfies subsection (a) if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:
(1) A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5), and (6), unalterable;
(2) The authoritative copy identifies the secured party as the assignee of the record or records;
(3) The authoritative copy is communicated to and maintained by the secured party or its designated custodian;
(4) Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;
(5) Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and
(6) Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
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(L. 1963 p. 503 § 9-105, A.L. 1988 S.B. 583, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288, A.L. 2014 H.B. 1376)
(1967) The exclusion of money from the definition of "goods" in this section does not apply to coins having a numismatic value which were held as inventory by a coin dealer. Zuke v. St. Johns Community Bank (A.), 387 F.2d 118.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-106 - Control of investment property.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-106. Control of investment property. —
(a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in section 400.8-106.
(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.
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(L. 1963 p. 503 § 9-106, A.L. 1988 S.B. 583, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-107 - Control of letter-of-credit right.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-107. 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 400.5-114(c) or otherwise applicable law or practice.
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(L. 1963 p. 503 § 9-107, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-108 - Sufficiency of description.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-108. Sufficiency of description. —
(a) Except as otherwise provided in subsections (c), (d), and (e), 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), a description of collateral reasonably identifies the collateral if it identifies the collateral by:
(1) Specific listing;
(2) Category;
(3) Except as otherwise provided in subsection (e), a type of collateral defined in chapter 400;
(4) Quantity;
(5) Computational or allocational formula or procedure; or
(6) Except as otherwise provided in subsection (c), 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), 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 chapter 400 is an insufficient description of:
(1) A commercial tort claim; or
(2) In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.
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(L. 1963 p. 503 § 9-108, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-110 - Security interests arising under Article 2 or 2A.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-110. Security interests arising under Article 2 or 2A. —
A security interest arising under sections 400.2-401, 400.2-505, 400.2-711(3) or 400.2A-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 400.9-203(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 2A; and
(4) The security interest has priority over a conflicting security interest created by the debtor.
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(L. 1963 p. 503 § 9-110, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-201 - General effectiveness of security agreement.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-201. General effectiveness of security agreement. —
(a) Except as otherwise provided in chapter 400, 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 is subject to any applicable rule of law which establishes a different rule for consumers.
(c) In case of conflict between this article and a rule of law, statute, or regulation described in subsection (b), the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) 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); or
(2) Extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.
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(L. 1963 p. 503 § 9-201, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-202 - Title to collateral immaterial.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-202. 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.
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(L. 1963 p. 503 § 9-202, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-204 - After-acquired property — future advances.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-204. After-acquired property — future advances. —
(a) Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral.
(b) 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.
(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.
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(L. 1963 p. 503 § 9-204, A.L. 1988 S.B. 583, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-205 - Use or disposition of collateral permissible.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-205. 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.
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(L. 1963 p. 503 § 9-205, A.L. 1988 S.B. 583, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-206 - Security interest arising in purchase or delivery of financial asset.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-206. 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) 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 endorsement 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) secures the obligation to make payment for the delivery.
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(L. 1963 p. 503 § 9-206, A.L. 1969 p. 78, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-207 - Rights and duties of secured party having possession or control of collateral.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-207. Rights and duties of secured party having possession or control of collateral. —
(a) Except as otherwise provided in subsection (d), 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), 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 party having possession of the collateral;
(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), a secured party having possession of collateral or control of collateral under section 400.9-104, 400.9-105, 400.9-106 or 400.9-107:
(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) 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) do not apply.
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(L. 1963 p. 503 § 9-207, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-208 - Additional duties of secured party having control of collateral.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-208. Additional duties of secured party having control of collateral. —
(a) This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value.
(b) Within ten days after receiving an authenticated demand by the debtor:
(1) A secured party having control of a deposit account under section 400.9-104(a)(2) shall send to the bank with which the deposit account is maintained an authenticated statement that releases the bank from any further obligation to comply with instructions originated by the secured party;
(2) A secured party having control of a deposit account under section 400.9-104(a)(3) shall:
(A) Pay the debtor the balance on deposit in the deposit account; or
(B) Transfer the balance on deposit into a deposit account in the debtor's name;
(3) A secured party, other than a buyer, having control of electronic chattel paper under section 400.9-105 shall:
(A) Communicate the authoritative copy of the electronic chattel paper to the debtor or its designated custodian;
(B) If the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic chattel paper is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
(C) Take appropriate action to enable the debtor or its designated custodian to make copies of or revisions to the authoritative copy which add or change an identified assignee of the authoritative copy without the consent of the secured party;
(4) A secured party having control of investment property under section 400.8-106(d)(2) or 400.9-106(b) shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained an authenticated record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party; and
(5) A secured party having control of a letter-of-credit right under section 400.9-107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party an authenticated release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party.
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(L. 1963 p. 503 § 9-208, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-209 - Duties of secured party if account of debtor has been notified of assignment.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-209. Duties of secured party if account of debtor has been notified of assignment. —
(a) Except as otherwise provided in subsection (c), 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 an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under section 400.9-406(a) an authenticated 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.
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(L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-301 - Law governing perfection and priority of security interests.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-301. Law governing perfection and priority of security interests. —
Except as otherwise provided in sections 400.9-303 through 400.9-306, 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 paragraph (4), while negotiable documents, goods, instruments, money, or tangible chattel paper 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.
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(L. 1963 p. 503 § 9-301, A.L. 1988 S.B. 583, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-302 - Law governing perfection and priority of agricultural liens.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-302. 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.
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(L. 1963 p. 503 § 9-302, A.L. 1965 p. 595, A.L. 1988 S.B. 583, A.L. 1992 S.B. 448, A.L. 1993 S.B. 198, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)
Effective 7-01-01
(1967) Coins having a numismatic value pledged to and in possession of a bank as security for a valid loan to a coin dealer constituted goods in the form of inventory and the filing of a financing statement was not required to perfect the bank's lien. Zuke v. St. Johns Community Bank (A.), 387 F.2d 118.
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-304 - Law governing perfection and priority of security interests in deposit accounts.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-304. 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.
(b) The following rules determine a bank's jurisdiction for purposes of this part:
(1) If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this part, this article, or this chapter, that jurisdiction is the bank's jurisdiction;
(2) If paragraph (1) 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) 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 the preceding paragraphs 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 the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located.
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(L. 1963 p. 503 § 9-304, A.L. 1988 S.B. 583, A.L. 1992 S.B. 448, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-306 - Law governing perfection and priority of security interests in letter-of-credit rights.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-306. Law governing perfection and priority of security interests in letter-of-credit rights. —
(a) Subject to subsection (c), 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, 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 400.5-116.
(c) This section does not apply to a security interest that is perfected only under section 400.9-308(c).
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(L. 1963 p. 503 § 9-306, A.L. 1988 S.B. 583, A.L. 1995 S.B. 178, A.L. 1997 S.B. 6, A.L. 2001 S.B. 288)
Effective 7-01-01
2023 Missouri Revised Statutes › Title XXVI - Trade and Commerce › Chapter 400 - Uniform Commercial Code › Section 400.9-308 - When security interests or agricultural lien is perfected — continuity of perfection.

Title XXVI TRADE AND COMMERCE
Chapter 400
• Effective - 01 Jul 2001, see footnote
400.9-308. When security interests or agricultural lien is perfected — continuity of perfection. —
(a) Except as otherwise provided in this section and section 400.9-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 400.9-310 through 400.9-316 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 400.9-310 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.
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(L. 1963 p. 503 § 9-308, A.L. 1988 S.B. 583, A.L. 2001 S.B. 288)
Effective 7-01-01