reglab/statecodes huggingface dataset:
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-606 - Time of default for agricultural lien

12A:9-606. Time of default for agricultural lien
12A:9-606. Time of Default for Agricultural Lien.
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
L.2001, c.117, s.1.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-607 - Collection and enforcement by secured party.

12A:9-607 Collection and enforcement by secured party.
12A:9-607. Collection and Enforcement by Secured Party.
(a) Collection and enforcement generally. If so agreed, and in any event after default, a secured party:
(1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
(2) may take any proceeds to which the secured party is entitled under 12A:9-315;
(3) may enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligation of the account debtor or other person obligated on the collateral;
(4) if it holds a security interest in a deposit account perfected by control under 12A:9-104 (a) (1), may apply the balance of the deposit account to the obligation secured by the deposit account; and
(5) if it holds a security interest in a deposit account perfected by control under 12A:9-104(a)(2) or (3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
(b) Nonjudicial enforcement of mortgage. If necessary to enable a secured party to exercise under subsection (a)(3) the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded:
(1) a copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and
(2) the secured party's sworn affidavit in recordable form stating that:
(A) a default has occurred with respect to the obligation secured by the mortgage; and
(B) the secured party is entitled to enforce the mortgage nonjudicially.
(c) Commercially reasonable collection and enforcement. A secured party shall proceed in a commercially reasonable manner if the secured party:
(1) undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
(2) is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
(d) Expenses of collection and enforcement. A secured party may deduct from the collections made pursuant to subsection (c), reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.
(e) Duties to secured party not affected. This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
L.2001, c.117, s.1; amended 2001, c.386, s.96; 2013, c.65, s.28.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-608 - Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.

12A:9-608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus.
12A:9-608. Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus.
(a) Application of proceeds, surplus, and deficiency if obligation secured. If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under 12A:9-607 in the following order to:
(A) the reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;
(B) the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C) the satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives an authenticated demand for proceeds before distribution of the proceeds is completed.
(2) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under paragraph (1) (C).
(3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under 12A:9-607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b) No surplus or deficiency in sales of certain rights to payment. If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
L.2001, c.117, s.1; amended 2001, c.386, s.97.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-609 - Secured party's right to take possession after default.

12A:9-609 Secured party's right to take possession after default.
12A:9-609. Secured Party's Right to Take Possession after Default.
(a) Possession; rendering equipment unusable; disposition on debtor's premises. After default, a secured party:
(1) may take possession of the collateral; and
(2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under 12A:9-610.
(b) Judicial and nonjudicial process. A secured party may proceed under subsection (a):
(1) pursuant to judicial process; or
(2) without judicial process, if it proceeds without breach of the peace.
(c) Assembly of collateral. If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
L.2001, c.117, s.1; amended 2001, c.386, s.98.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-610 - Disposition of collateral after default.

12A:9-610 Disposition of collateral after default.
12A:9-610. Disposition of Collateral after Default.
(a) Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(b) Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c) Purchase by secured party. A secured party may purchase collateral:
(1) at a public disposition; or
(2) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d) Warranties on disposition. A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e) Disclaimer of warranties. A secured party may disclaim or modify warranties under subsection (d):
(1) in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2) by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f) Record sufficient to disclaim warranties. A record is sufficient to disclaim warranties under subsection (e) if it indicates "There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.
L.2001, c.117, s.1; amended 2001, c.386, s.99.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-611 - Notification before disposition of collateral.

12A:9-611 Notification before disposition of collateral.
12A:9-611. Notification Before Disposition of Collateral.
(a) "Notification date." In this section, "notification date" means the earlier of the date on which:
(1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
(2) the debtor and any secondary obligor waive the right to notification.
(b) Notification of disposition required. Except as otherwise provided in subsection (d), a secured party that disposes of collateral under 12A:9-610 shall send to the persons specified in subsection (c) a reasonable authenticated notification of disposition.
(c) Persons to be notified. To comply with subsection (b), the secured party shall send an authenticated notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A) any other person from which the secured party has received, before the notification date, an authenticated notification of a claim of an interest in the collateral;
(B) any other secured party or lienholder that, 10 days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C) any other secured party that, 10 days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in 12A:9-311 (a).
(d) Subsection (b) inapplicable: perishable collateral; recognized market. Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(e) Compliance with subsection (c) (3) (B). A secured party complies with the requirement for notification prescribed by subsection (c) (3) (B) if:
(1) not later than 20 days or earlier than 30 days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (c) (3) (B); and
(2) before the notification date, the secured party:
(A) did not receive a response to the request for information; or
(B) received a response to the request for information and sent an authenticated notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
L.2001, c.117, s.1; amended 2001, c.386, s.100.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-612 - Timeliness of notification before disposition of collateral.

12A:9-612 Timeliness of notification before disposition of collateral.
12A:9-612. Timeliness of Notification Before Disposition of Collateral.
(a) Reasonable time is question of fact. Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact.
(b) 10-day period sufficient in non-consumer transaction. In a transaction other than a consumer transaction, a notification of disposition sent after default and 10 days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
L.2001, c.117, s.1; amended 2001, c.386, s.101.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-613 - Contents and form of notification before disposition of collateral: general.

12A:9-613 Contents and form of notification before disposition of collateral: general.
12A:9-613. Contents and Form of Notification Before Disposition of Collateral: General.
Except in a consumer-goods transaction, the following rules apply:
(1) The contents of a notification of disposition are sufficient if the notification:
(A) describes the debtor and the secured party;
(B) describes the collateral that is the subject of the intended disposition;
(C) states the method of intended disposition;
(D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
(E) states the time and place of a public disposition or the time after which any other disposition is to be made.
(2) Whether the contents of a notification that lacks any of the information specified in paragraph (1) are nevertheless sufficient is a question of fact.
(3) The contents of a notification providing substantially the information specified in paragraph (1) are sufficient, even if the notification includes:
(A) information not specified by that paragraph; or
(B) minor errors that are not seriously misleading.
(4) A particular phrasing of the notification is not required.
(5) The following form of notification and the form appearing in 12A:9-614 (3), when completed, each provides sufficient information:NOTIFICATION OF DISPOSITION OF COLLATERAL
To: (Name of debtor, obligor, or other person to which the notification is sent)
From: (Name, address, and telephone number of secured party)
Name of Debtor(s): (Include only if debtor(s) are not an addressee)
(For a public disposition:)
We will sell or lease or license, as applicable the (describe collateral) to the highest qualified bidder in public as follows:
Day and Date:
Time:
Place:
(For a private disposition:)
We will sell or lease or license, as applicable the (describe collateral) privately sometime after (day and date).
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell (or lease or license, as applicable) (for a charge of $ ) . You may request an accounting by calling us at (telephone number)
(End of Form)
L.2001, c.117, s.1; amended 2001, c.386, s.102.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-617 - Rights of transferee of collateral.

12A:9-617 Rights of transferee of collateral.
12A:9-617. Rights of Transferee of Collateral.
(a) Effects of disposition. A secured party's disposition of collateral after default:
(1) transfers to a transferee for value all of the debtor's rights in the collateral;
(2) discharges the security interest under which the disposition is made; and
(3) discharges any subordinate security interest or other subordinate lien.
(b) Rights of good-faith transferee. A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with this chapter or the requirements of any judicial proceeding.
(c) Rights of other transferee. If a transferee does not take free of the rights and interests described in subsection (a), the transferee takes the collateral subject to:
(1) the debtor's rights in the collateral;
(2) the security interest or agricultural lien under which the disposition is made; and
(3) any other security interest or other lien.
L.2001, c.117, s.1; amended 2001, c.386, s.106.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-618 - Rights and duties of certain secondary obligors.

12A:9-618 Rights and duties of certain secondary obligors.
12A:9-618. Rights and Duties of Certain Secondary Obligors.
(a) Rights and duties of secondary obligor. A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:
(1) receives an assignment of a secured obligation from the secured party;
(2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
(3) is subrogated to the rights of a secured party with respect to collateral.
(b) Effect of assignment, transfer, or subrogation. An assignment, transfer, or subrogation described in subsection (a):
(1) is not a disposition of collateral under 12A:9-610; and
(2) relieves the secured party of further duties under this chapter.
L.2001, c.117, s.1; amended 2001, c.386, s.107.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-619 - Transfer of record or legal title.

12A:9-619 Transfer of record or legal title.
12A:9-619. Transfer of Record or Legal Title.
(a) "Transfer statement." In this section, "transfer statement" means a record authenticated by a secured party stating:
(1) that the debtor has defaulted in connection with an obligation secured by specified collateral;
(2) that the secured party has exercised its post-default remedies with respect to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4) the name and mailing address of the secured party, debtor, and transferee.
(b) Effect of transfer statement. A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(1) accept the transfer statement;
(2) promptly amend its records to reflect the transfer; and
(3) if applicable, issue a new appropriate certificate of title in the name of the transferee.
(c) Transfer not a disposition; no relief of secured party's duties. A transfer of the record or legal title to collateral to a secured party under subsection (b) or otherwise is not of itself a disposition of collateral under this chapter and does not of itself relieve the secured party of its duties under this chapter.
L.2001, c.117, s.1; amended 2001, c.386, s.108.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-621 - Notification of proposal to accept collateral.

12A:9-621 Notification of proposal to accept collateral.
12A:9-621. Notification of Proposal to Accept Collateral.
(a) Persons to which proposal to be sent. A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(1) any person from which the secured party has received, before the debtor consented to the acceptance, an authenticated notification of a claim of an interest in the collateral;
(2) any other secured party or lienholder that, 10 days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(A) identified the collateral;
(B) was indexed under the debtor's name as of that date; and
(C) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(3) any other secured party that, 10 days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in 12A:9-311 (a).
(b) Proposal to be sent to secondary obligor in partial satisfaction. A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a).
L.2001, c.117, s.1; amended 2001, c.386, s.110.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-622 - Effect of acceptance of collateral.

12A:9-622 Effect of acceptance of collateral.
12A:9-622. Effect of Acceptance of Collateral.
(a) Effect of acceptance. A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1) discharges the obligation to the extent consented to by the debtor;
(2) transfers to the secured party all of a debtor's rights in the collateral;
(3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and
(4) terminates any other subordinate interest.
(b) Discharge of subordinate interest notwithstanding noncompliance. A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with this chapter.
L.2001, c.117, s.1; amended 2001, c.386, s.111.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-623 - Right to redeem collateral.

12A:9-623 Right to redeem collateral.
12A:9-623. Right to Redeem Collateral.
(a) Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) Requirements for redemption. To redeem collateral, a person shall tender:
(1) fulfillment of all obligations secured by the collateral; and
(2) the reasonable expenses and attorney's fees described in 12A:9-615 (a) (1).
(c) When redemption may occur. A redemption may occur at any time before a secured party:
(1) has collected collateral under 12A:9-607;
(2) has disposed of collateral or entered into a contract for its disposition under 12A:9-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under 12A:9-622.
L.2001, c.117, s.1; amended 2001, c.386, s.112.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-624 - Waiver.

12A:9-624 Waiver.
12A:9-624. Waiver.
(a) Waiver of disposition notification. A debtor or secondary obligor may waive the right to notification of disposition of collateral under 12A:9-611 only by an agreement to that effect entered into and authenticated after default.
(b) Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under 12A:9-620 (e) only by an agreement to that effect entered into and authenticated after default.
(c) Waiver of redemption right. Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under 12A:9-623 only by an agreement to that effect entered into and authenticated after default.
L.2001, c.117, s.1; amended 2001, c.386, s.113.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-626 - Action in which deficiency or surplus is in issue.

12A:9-626 Action in which deficiency or surplus is in issue.
12A:9-626. Action in Which Deficiency or Surplus Is in Issue.
(a) Applicable rules if amount of deficiency or surplus in issue. In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:
(1) A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.
(2) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.
(3) Except as otherwise provided in 12A:9-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:
(A) the proceeds of the collection, enforcement, disposition, or acceptance; or
(B) the amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance.
(4) For purposes of paragraph (3) (B), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.
(5) If a deficiency or surplus is calculated under 12A:9-615 (f), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.
L.2001, c.117, s.1; amended 2001, c.386, s.115.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-627 - Determination of whether conduct was commercially reasonable.

12A:9-627 Determination of whether conduct was commercially reasonable.
12A:9-627. Determination of Whether Conduct Was Commercially Reasonable.
(a) Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b) Dispositions that are commercially reasonable. A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1) in the usual manner on any recognized market;
(2) at the price current in any recognized market at the time of the disposition; or
(3) otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c) Approval by court or on behalf of creditors. A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1) in a judicial proceeding;
(2) by a bona fide creditors' committee;
(3) by a representative of creditors; or
(4) by an assignee for the benefit of creditors.
(d) Approval under subsection (c) not necessary; absence of approval has no effect. Approval under subsection (c) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
L.2001, c.117, s.1; amended 2001, c.386, s.116.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-628 - Nonliability and limitation on liability of secured party; liability of secondary obligor.

12A:9-628 Nonliability and limitation on liability of secured party; liability of secondary obligor.
12A:9-628. Nonliability and Limitation on Liability of Secured Party; Liability of Secondary Obligor.
(a) Limitation of liability of secured party for noncompliance with chapter. Unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this chapter; and
(2) the secured party's failure to comply with this chapter does not affect the liability of the person for a deficiency.
(b) Limitation of liability based on status as secured party. A secured party is not liable because of its status as secured party:
(1) to a person who is a debtor or obligor, unless the secured party knows:
(A) that the person is a debtor or obligor;
(B) the identity of the person; and
(C) how to communicate with the person; or
(2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A) that the person is a debtor; and
(B) the identity of the person.
(c) Limitation of liability if reasonable belief that transaction not a consumer-goods transaction or consumer transaction. A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:
(1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2) an obligor's representation concerning the purpose for which a secured obligation was incurred.
(d) Limitation of liability for statutory damages. A secured party is not liable to any person under 12A:9-625 (c) (2) for its failure to comply with 12A:9-616.
(e) Limitation of multiple liability for statutory damages. A secured party is not liable under 12A:9-625 (c) (2) more than once with respect to any one secured obligation.
L.2001, c.117, s.1; amended 2001, c.386, s.117.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-701 - Effective date.

12A:9-701 Effective date.
12A:9-701. Effective Date.
This chapter shall take effect on July 1, 2001. References in this part to "this chapter" are to Chapter 9 of the Uniform Commercial Code as enacted by P.L.2001, c.117 and P.L.2001, c.386. References in this part to "former Chapter 9" are to Chapter 9 of the Uniform Commercial Code (12A:9-101 et seq.) as in effect before July 1, 2001.
Amended 2001, c.386, s.118.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-702 - Savings clause.

12A:9-702 Savings clause.
12A:9-702. Savings Clause.
(a) Pre-effective-date transactions or liens. Except as otherwise provided in this part, this chapter applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this chapter takes effect.
(b) Continuing validity. Except as otherwise provided in subsection (c) and 12A:9-703 through 12A:9-709:
(1) transactions and liens that were not governed by former Chapter 9, were validly entered into or created before this chapter takes effect, and would be subject to this chapter if they had been entered into or created after this chapter takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after this chapter takes effect; and
(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by this chapter or by the law that otherwise would apply if this chapter had not taken effect.
(c) Pre-effective-date proceedings. This chapter does not affect an action, case, or proceeding commenced before this chapter takes effect.
L.2001, c.117, s.1; amended 2001, c.386, s.119.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-703 - Security interest perfected before effective date.

12A:9-703 Security interest perfected before effective date.
12A:9-703. Security Interest Perfected Before Effective Date.
(a) Continuing priority over lien creditor: perfection requirements satisfied. A security interest that is enforceable immediately before this chapter takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under this chapter if, when this chapter takes effect, the applicable requirements for enforceability and perfection under this chapter are satisfied without further action.
(b) Continuing priority over lien creditor: perfection requirements not satisfied. Except as otherwise provided in 12A:9-705, if, immediately before this chapter takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under this chapter are not satisfied when this chapter takes effect, the security interest:
(1) is a perfected security interest for one year after this chapter takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under 12A:9-203 before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under this chapter are satisfied before the year expires.
L.2001, c.117, s.1; amended 2001, c.386, s.120.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-704 - Security interest unperfected before effective date.

12A:9-704 Security interest unperfected before effective date.
12A:9-704. Security Interest Unperfected Before Effective Date.
A security interest that is enforceable immediately before this chapter takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one year after this chapter takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under 12A:9-203 when this chapter takes effect or within one year thereafter; and
(3) becomes perfected:
(A) without further action, when this chapter takes effect if the applicable requirements for perfection under this chapter are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
L.2001, c.117, s.1; amended 2001, c.386, s.121.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-706 - When initial financing statement suffices to continue effectiveness of financing statement.

12A:9-706 When initial financing statement suffices to continue effectiveness of financing statement.
12A:9-706. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement.
(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in 12A:9-501 continues the effectiveness of a financing statement filed before this chapter takes effect if:
(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter;
(2) the pre-effective-date financing statement was filed in an office in another state or another office in this State; and
(3) the initial financing statement satisfies subsection (c).
(b) Period of continued effectiveness. The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:
(1) if the initial financing statement is filed before this chapter takes effect, for the period provided in former 12A:9-403 with respect to a financing statement; and
(2) if the initial financing statement is filed after this chapter takes effect, for the period provided in 12A:9-515 with respect to an initial financing statement.
(c) Requirements for initial financing statement under subsection (a). To be effective for purposes of subsection (a), an initial financing statement shall:
(1) satisfy the requirements of Part 5 for an initial financing statement;
(2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) indicate that the pre-effective-date financing statement remains effective.
L.2001, c.117, s.1; amended 2001, c.386, s.123.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-707 - Amendment of pre-effective-date financing statement.

12A:9-707. Amendment of pre-effective-date financing statement.
12A:9-707. Amendment of Pre-effective-date Financing Statement.
(a) Pre-effective-date financing statement". In this section, "pre-effective-date financing statement" means a financing statement filed before this chapter takes effect.
(b) Applicable law. After this chapter takes effect, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
(c) Method of amending: general rule. Except as otherwise provided in subsection (d), if the law of this State governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after this chapter takes effect only if:
(1) the pre-effective-date financing statement and an amendment are filed in the office specified in 12A:9-501;
(2) an amendment is filed in the office specified in 12A:9-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies 12A:9-706(c); or
(3) an initial financing statement that provides the information as amended and satisfies 12A:9-706(c) is filed in the office specified in 12A:9-501.
(d) Method of amending: continuation. If the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under 12A:9-705(d) and (f) or 12A:9-706.
(e) Method of amending: additional termination rule. Whether or not the law of this State governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this State may be terminated after this chapter takes effect by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies 12A:9-706(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 as the office in which to file a financing statement. The preceding sentence applies only to the office described in 12A:9-501(a)(2).
(New) 2001,c.386,s.125.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-708 - Persons entitled to file initial financing statement or continuation statement.

12A:9-708. Persons entitled to file initial financing statement or continuation statement.
12A:9-708. Persons Entitled to File Initial Financing Statement or Continuation Statement.
A person may file an initial financing statement or a continuation statement under this part if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under this part:
(A) to continue the effectiveness of a financing statement filed before this chapter takes effect; or
(B) to perfect or continue the perfection of a security interest.
L.2001, c.117, s.1; (old 707) amended 2001, c.386, s.124.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-709 - Priority.

12A:9-709 Priority.
12A:9-709 Priority.
(a) Law governing priority. This chapter determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this chapter takes effect, former Chapter 9 determines priority.
(b) Priority if security interest becomes enforceable under 12A:9-203. For purposes of 12A:9-322 (a), the priority of a security interest that becomes enforceable under 12A:9-203 of this chapter dates from the time this chapter takes effect if the security interest is perfected under this chapter by the filing of a financing statement before this chapter takes effect which would not have been effective to perfect the security interest under former Chapter 9. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.
L.2001, c.117, s.1; (old 708) amended 2001, c.386, s.126.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-710 - Retroactivity provision.

12A:9-710. Retroactivity provision.
12A:9-710. Retroactivity Provision.
This act, P.L.2001, c.386, amends and supplements P.L.2001, c.117 and shall take effect immediately and shall be applied retroactively to July 1, 2001.
If, on or after July 1, 2001 and prior to the effective date of this act, action required for the attachment, perfection or priority of a security interest under Post-Amendment Chapter 9 was taken, but was not heretofore effective, such action shall be effective when taken.
If, on or after July 1, 2001 and prior to the effective date of this act, action required for the attachment, perfection or priority of a security interest under Pre-Amendment Chapter 9 was taken and was heretofore effective, but is not effective under Post-Amendment Chapter 9, such action shall be deemed effective when taken if, within 60 days after the effective date of this act, any other action required under Post-Amendment Chapter 9 for such attachment, perfection or priority is taken, except to the extent that, after the effective date of this act and before the time such other required action is taken, a purchaser has given value in reasonable reliance upon such other required action not having been taken.
As used in this section, "Pre-Amendment Chapter 9" means Chapter 9 of Title 12A of the New Jersey Statutes, P.L.2001, c.117 (12A:9-101 through 12A:9-708) as constituted before giving effect to this act, and "Post-Amendment Chapter 9" means Chapter 9 of Title 12A of the New Jersey Statutes (12A:9-101 through 12A:9-709) as amended and supplemented by this act.
(New) 2001, c.386, s.127.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-801 - Effective date.

12A:9-801. Effective date.
12A:9-801. Effective Date.
This act (P.L.2013, c.65), amends and supplements Chapter 9 of Title 12A of the New Jersey Statutes, and shall take effect on July 1, 2013.
L.2013, c.65, s.30.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-802 - Savings clause.

12A:9-802. Savings clause.
12A:9-802. Savings Clause.
(a) Pre-effective date transactions or liens. Except as otherwise provided in this part, this act applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before this act takes effect.
(b) Pre-effective-date proceedings. This act does not affect an action, case, or proceeding commenced before this act takes effect.
L.2013, c.65, s.30.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-803 - Security interest perfected before effective date.

12A:9-803. Security interest perfected before effective date.
12A:9-803. Security Interest Perfected Before Effective Date.
(a) Continuing perfection: perfection requirements satisfied. A security interest that is a perfected security interest immediately before this act takes effect is a perfected security interest under Chapter 9 as amended by this act if, when this act takes effect, the applicable requirements for attachment and perfection under Chapter 9 as amended by this act are satisfied without further action.
(b) Continuing perfection: perfection requirements not satisfied. Except as otherwise provided in 12A:9-805, if, immediately before this act takes effect, a security interest is a perfected security interest, but the applicable requirements for perfection under Chapter 9 as amended by this act are not satisfied when this act takes effect, the security interest remains perfected thereafter only if the applicable requirements for perfection under Chapter 9 as amended by this act are satisfied within one year after this act takes effect.
L.2013, c.65, s.30.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-804 - Security interest unperfected before effective date.

12A:9-804. Security interest unperfected before effective date.
12A:9-804. Security Interest Unperfected Before Effective Date.
A security interest that is an unperfected security interest immediately before this act takes effect becomes a perfected security interest:
(1) without further action, when this act takes effect if the applicable requirements for perfection under Chapter 9 as amended by this act are satisfied before or at that time; or
(2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
L.2013, c.65, s.30.
2023 New Jersey Revised Statutes › Title 12A - Commercial Transactions › Section 12A:9-806 - When initial financing statement suffices to continue effectiveness of financing statement.

12A:9-806. When initial financing statement suffices to continue effectiveness of financing statement.
12A:9-806. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement.
(a) Initial financing statement in lieu of continuation statement. The filing of an initial financing statement in the office specified in 12A:9-501 continues the effectiveness of a financing statement filed before this act takes effect if:
(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under Chapter 9 as amended by this act;
(2) the pre-effective-date financing statement was filed in an office in another state; and
(3) the initial financing statement satisfies subsection (c).
(b) Period of continued effectiveness. The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:
(1) if the initial financing statement is filed before this act takes effect, for the period provided in unamended 12A:9-515 with respect to an initial financing statement; and
(2) if the initial financing statement is filed after this act takes effect, for the period provided in 12A:9-515 as amended by this act with respect to an initial financing statement.
(c) Requirements for initial financing statement under subsection (a). To be effective for purposes of subsection (a), an initial financing statement must:
(1) satisfy the requirements of Subchapter 5 as amended by this act for an initial financing statement;
(2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) indicate that the pre-effective-date financing statement remains effective.
L.2013, c.65, s.30.