reglab/statecodes huggingface dataset:
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-405 - Replacement of Lost, Destroyed, or Wrongfully Taken Security Certificate.

Section 8--405. Replacement  of  Lost,  Destroyed,  or  Wrongfully taken
Security Certificate.
(a) If an owner of a certificated security, whether in  registered  or
bearer  form,  claims  that the certificate has been lost, destroyed, or
wrongfully taken, the issuer shall issue a new certificate if the owner:
(1) so requests before the issuer has notice that the certificate
has been acquired by a protected purchaser;
(2) files with the issuer a sufficient indemnity bond; and
(3) satisfies  other  reasonable  requirements  imposed  by   the
issuer.
(b) If,  after  the  issue  of a new security certificate, a protected
purchaser of the original certificate presents it  for  registration  of
transfer,  the  issuer  shall  register the transfer unless an overissue
would result. In that  case,  the  issuer's  liability  is  governed  by
Section  8--210.  In  addition  to  any rights on the indemnity bond, an
issuer may recover the new certificate from a  person  to  whom  it  was
issued  or  any  person  taking  under  that  person, except a protected
purchaser.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-406 - Obligation to Notify Issuer of Lost, Destroyed, or Wrongfully Taken Security Certificate.

Section 8--406. Obligation  to  Notify  Issuer  of  Lost,  Destroyed, or
Wrongfully taken Security Certificate.
If a security certificate has  been  lost,  apparently  destroyed,  or
  wrongfully  taken, and the owner fails to notify the issuer of that fact
  within a reasonable time after the owner has notice of it and the issuer
  registers a transfer of the security before receiving notification,  the
  owner  may  not  assert  against  the issuer a claim for registering the
  transfer under Section 8--404 or a claim to a new  security  certificate
  under Section 8--405.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-407 - Authenticating Trustee, Transfer Agent, and Registrar.

Section 8--407. Authenticating Trustee, Transfer Agent, and Registrar.
A  person acting as authenticating trustee, transfer agent, registrar,
  or other agent for an issuer in the registration of a  transfer  of  its
  securities,  in the issue of new security certificates or uncertificated
  securities, or in the cancellation of surrendered security  certificates
  has  the  same  obligation  to  the holder or owner of a certificated or
  uncertificated  security  with  regard  to  the   particular   functions
  performed as the issuer has in regard to those functions.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-501 - Securities Account; Acquisition of Security Entitlement From Securities Intermediary.

Section 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-502 - Assertion of Adverse Claim Against Entitlement Holder.

Section 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 8--501 for value and  without  notice
  of the adverse claim.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-503 - Property Interest of Entitlement Holder in Financial Asset Held by Securities Intermediary.

Section 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 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 8--505 through 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  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 8--504.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-504 - Duty of Securities Intermediary to Maintain Financial Asset.

Section 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-505 - Duty of Securities Intermediary With Respect to Payments and Distributions.

Section 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-506 - Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder.

Section 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-507 - Duties of Securities Intermediary to Comply With Entitlement Order.

Section 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-508 - Duty of Securities Intermediary to Change Entitlement Holder's Position to Other Form of Security Holding.

Section 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-509 - Specification of Duties of Securities Intermediary by Other Statute or Regulation; Manner of Performance of Duties of Securities Intermediary and Exer

Section 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  8--504  through  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 8--504 through 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  8--504  through  8--508  do  not  require  a  securities
intermediary to take any action that is  prohibited  by  other  statute,
regulation, or rule.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-510 - Rights of Purchaser of Security Entitlement From Entitlement Holder.

Section 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  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, 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
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 8--106(d)(2); or
(3) if the purchaser  obtained  control  through  another  person
under  Section 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-511 - Priority Among Security Interests and Entitlement Holders.

Section 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › A8P6 - Transition Provisions for Revised Article 8 and for the Conforming Amendments to Articles 1, 5, 9 and 13.

PART 6
TRANSITION PROVISIONS FOR REVISED ARTICLE 8
AND FOR THE CONFORMING AMENDMENTS TO ARTICLES 1, 5, 9 and 13
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-601 - Savings Clause; Effect on Prior Perfected Security Interest.

Section 8--601. Savings  Clause;  Effect  on  Prior  Perfected  Security
Interest.
(a) As used in this Part, the term "this Act" means  that  chapter  of
the  laws  of  1997  which repealed former Article 8 of this code, added
this article to this code, and made conforming amendments to  provisions
of other articles of this code.
(b) This  Act does not affect an action or proceeding commenced before
this Act takes effect. An oral contract or a  modification  of  contract
entered  into  before  the  date  this  Act takes effect does not become
enforceable by reason of operation of Section 8--113.
(c) If a security interest in a security is perfected at the date this
Act takes effect, and the action by  which  the  security  interest  was
perfected  would  suffice to perfect a security interest under this Act,
no further action is required to  continue  perfection.  If  a  security
interest  in  a  security is perfected at the date this Act takes effect
but the action by which the security interest was  perfected  would  not
suffice  to  perfect  a  security  interest under this Act, the security
interest remains perfected for a period of 12 months after the effective
date of this Act  and  continues  perfected  thereafter  if  appropriate
action  to  perfect  under  this  Act  is taken within that period. If a
security interest is perfected at the date this Act takes effect and the
security interest can be perfected by filing under this Act, a financing
statement signed by the secured party instead of by the  debtor  may  be
filed  within  that  period  to  continue  perfection  or  thereafter to
perfect.
2023 New York Laws › UCC - Uniform Commercial Code › Article 8 - Investment Securities › Part 4 - Registration › 8-602 - Cross-References to Former Article 8; Meaning or Interpretation.

Section 8--602. Cross-References   to   former  Article  8;  Meaning  or
Interpretation.
(a) Any reference  made  in  law  to  a  bond  or  other  security  or
instrument  to  be  issued  hereafter under the authority of such law as
being a negotiable instrument or security under former Article 8 of this
code shall be deemed to mean and refer to such bond or other security or
instrument issued on or after the effective date of this  Act  as  being
one to be governed by the provisions of this new Article 8.
(b) The  provisions of subsection (a) shall not be deemed to impair in
any manner the obligations of any bond or other security  or  instrument
previously issued and in existence on the effective date of this Act and
the  same shall continue to be governed by its covenants. The provisions
of this Act shall apply to such previously issued and existing  bond  or
other  security  or instrument only to the extent that the provisions of
this Act can be harmonized with the provisions of covenants existing  on
the  effective  date of this Act to which such bond or other security or
instrument is subject on such date, without impairing its obligations.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 1 - General Provisions › Sub Part 1 - Short Title, Definitions, and General Concepts › 9-104 - Control of Deposit Account.

Section 9--104. Control of Deposit Account.
(a) Requirements for control. 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  deposit account without
further consent by the debtor;
(3) the secured party becomes the bank's customer with respect to
the deposit account;
(4) the name on the deposit account is the name  of  the  secured
party  or  indicates  that  the  secured party has a security
interest in the deposit account; or
(5) another person has control of the deposit account  on  behalf
of  the  secured party or, having previously acquired control
of the deposit account, acknowledges that it has  control  on
behalf of the secured party.
(b) Debtor's  right  to  direct  disposition. 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.
(c)  No  implied duties of bank. The authentication of a record by the
bank under subsection (a)(2) does not impose upon the bank any duty  not
expressly agreed to by the bank in the record. The naming of the deposit
account  in the name of the secured party or with an indication that the
secured party has a security  interest  in  the  deposit  account  under
subsection  (a)(4)  does not impose upon the bank any duty not expressly
agreed to by the bank.
(d) Conditions  not  relevant.  A  secured  party  has  control  under
subsection  (a)(2)  even  if  any  duty  of  the  bank  to  comply  with
instructions originated by the secured party  directing  disposition  of
the  funds  in  the  deposit  account  is  subject  to  any condition or
conditions (other than further consent by the debtor).
(e) No inferences.  The  procedures  and  requirements  of  subsection
(a)(4) available to obtain control shall not be used in interpreting the
sufficiency  of  a  secured  party's  compliance with the procedures and
requirements of subsection (a)(1), (a)(2) or (a)(3) to  obtain  control.
The  provisions of subsection (a)(4) shall create no inference regarding
the requirements  for  compliance  with  subsection  (a)(1),  (a)(2)  or
(a)(3).
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 1 - General Provisions › Sub Part 1 - Short Title, Definitions, and General Concepts › 9-105 - Control of Electronic Chattel Paper

Section 9--105. Control of Electronic Chattel Paper.
A  secured party has control of electronic chattel paper 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 revisions that add or change an identified assignee
of   the  authoritative  copy  can  be  made  only  with  the
participation 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   revision   of   the   authoritative   copy  is  readily
identifiable as an authorized or unauthorized revision.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 1 - General Provisions › Sub Part 1 - Short Title, Definitions, and General Concepts › 9-106 - Control of Investment Property

Section 9--106. Control of Investment Property.
(a) Control   under   Section  8--106.  A  person  has  control  of  a
certificated security, uncertificated security, or security  entitlement
as provided in Section 8--106.
(b) Control  of  commodity  contract. 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) Effect of control of securities account or  commodity  account.  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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 1 - General Provisions › Sub Part 1 - Short Title, Definitions, and General Concepts › 9-107 - Control of Letter-of-Credit Right

Section 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 5--114(c) or otherwise
  applicable law or practice.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 1 - General Provisions › Sub Part 1 - Short Title, Definitions, and General Concepts › 9-108 - Sufficiency of Description

Section 9--108. Sufficiency of Description.
(a) Sufficiency  of  description.  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) Examples  of  reasonable  identification.  Except   as   otherwise
provided  in  Section  9--502  and  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 this chapter;
(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) Supergeneric  description  not  sufficient.   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) Investment  property.  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) When  description by type insufficient. A description only by type
of collateral defined in this chapter is an insufficient description of:
(1) a commercial tort claim;
(2) in  a  consumer  transaction,  consumer  goods,  a   security
entitlement, a securities account, or a commodity account; or
(3) a cooperative interest.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 1 - General Provisions › Sub Part 2 - Applicability of Article › 9-110 - Security Interests Arising Under Article 2 or 2-A

Section 9--110. Security Interests Arising Under Article 2 or 2-A.
A  security  interest arising under Section 2--401, 2--505, 2--711(3),
  or 2-A-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
9--203(b)(3) has not been satisfied;
(2) filing is not required to perfect the security interest;
(3) the rights of the secured party after default by  the  debtor
are governed by Article 2 or 2-A; and
(4) the   security  interest  has  priority  over  a  conflicting
security interest created by the debtor.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › Sub Part 1 - Effectiveness and Attachment › 9-201 - General Effectiveness of Security Agreement.

Section 9--201. General Effectiveness of Security Agreement.
(a) General  effectiveness.  Except  as  otherwise  provided  in  this
chapter, a security  agreement  is  effective  according  to  its  terms
between  the  parties, against purchasers of the collateral, and against
creditors.
(b) Applicable consumer laws and other law. A transaction  subject  to
this article is subject to:
(1) any applicable rule of law which establishes a different rule
for consumers;
(2) any other statute or regulation of this state which regulates
the  rates,  charges,  agreements  and  practices  for loans,
credit sales or other extensions of credit;
(3) any consumer protection statute or regulation of this state.
(c) Other applicable law controls. 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) Further deference to other applicable law. 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › Sub Part 1 - Effectiveness and Attachment › 9-202 - Title to Collateral Immaterial.

Section 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › Sub Part 1 - Effectiveness and Attachment › 9-204 - After-Acquired Property; Future Advances.

Section 9--204. After-acquired Property; Future Advances.
(a) After-acquired   collateral.   Except  as  otherwise  provided  in
subsection (b), a  security  agreement  may  create  or  provide  for  a
security interest in after-acquired collateral.
(b) When  after-acquired  property  clause  not  effective. 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 10 days after the secured party gives value; or
(2) a commercial tort claim.
(c) Future  advances and other value. 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › Sub Part 1 - Effectiveness and Attachment › 9-205 - Use or Disposition of Collateral Permissible.

Section 9--205. Use or Disposition of Collateral Permissible.
(a) When  security  interest  not  invalid  or  fraudulent. 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) Requirements  of  possession  not  relaxed.  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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › Sub Part 1 - Effectiveness and Attachment › 9-206 - Security Interest Arising in Purchase or Delivery of Financial Asset.

Section 9--206. Security  Interest  Arising  in  Purchase or Delivery of
Financial Asset.
(a) Security   interest   when   person   buys   through    securities
intermediary.  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) Security interest secures obligation to pay for  financial  asset.
The  security  interest described in subsection (a) secures the person's
obligation to pay for the financial asset.
(c) Security interest  in  payment  against  delivery  transaction.  A
security  interest  in  favor  of  a person that delivers a certificated
security or other financial asset represented by a writing  attaches  to
the security or other financial asset if:
(1) the security or other financial asset:
(A) in  the  ordinary  course  of  business is transferred by
delivery with any necessary  indorsement  or  assignment;
and
(B) is  delivered  under  an agreement between persons in the
business of dealing with  such  securities  or  financial
assets; and
(2) the agreement calls for delivery against payment.
(d) Security  interest  secures  obligation  to  pay for delivery. The
security interest described in subsection (c) secures the obligation  to
make payment for the delivery.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › Sub Part 2 - Rights and Duties › 9-207 - Rights and Duties of Secured Party Having Possession or Control of Collateral.

Section 9--207. Rights  and Duties of Secured Party Having Possession or
Control of Collateral.
(a) Duty of care when secured party in possession. 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) Expenses,   risks,  duties,  and  rights  when  secured  party  in
possession. 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 debtor to the
extent of a deficiency in any effective insurance coverage;
(3) the secured party shall keep the collateral identifiable, but
fungible collateral may be commingled; and
(4) the secured party may use or operate the collateral:
(A) for  the  purpose  of  preserving  the  collateral or its
value;
(B) as permitted by an order  of  a  court  having  competent
jurisdiction; or
(C) except  in  the case of consumer goods, in the manner and
to the extent agreed by the debtor.
(c) Duties and rights when secured party  in  possession  or  control.
Except  as  otherwise provided in subsection (d), a secured party having
possession of collateral or control of collateral under Section  7--106,
9--104, 9--105, 9--106, or 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) Buyer of certain rights to payment. 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 2 - Effectiveness of Security Agreement; Attachment of Security Interest; Rights of Parties to Security Agreement › Sub Part 2 - Rights and Duties › 9-209 - Duties of Secured Party if Account Debtor Has Been Notified of Assignment.

Section 9--209. Duties  of  Secured  Party  If  Account  Debtor Has Been
Notified of Assignment.
(a) Applicability  of  section.  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) Duties of secured party after receiving demand from debtor. Within
10 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 9--406(a)
an authenticated record  that  releases  the  account  debtor  from  any
further obligation to the secured party.
(c) Inapplicability  to  sales.  This  section  does  not  apply to an
assignment constituting the  sale  of  an  account,  chattel  paper,  or
payment intangible.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 3 - Perfection and Priority › Sub Part 1 - Law Governing Perfection and Priority › 9-301 - Law Governing Perfection and Priority of Security Interests.

Section 9--301. Law   Governing  Perfection  and  Priority  of  Security
Interests.
Except as otherwise provided in Sections 9--303  through  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:
(a) 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.
(b) 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.
(c) Except  as  otherwise  provided  in subsection (d), while tangible
negotiable documents, goods, instruments,  money,  or  tangible  chattel
paper  is  located in a jurisdiction, the local law of that jurisdiction
governs:
(1) perfection of a security interest in the goods  by  filing  a
fixture filing;
(2) perfection of a security interest in timber to be cut; and
(3) the effect of perfection or nonperfection and the priority of
a nonpossessory security interest in the collateral.
(d) 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.
(e) When collateral is a cooperative interest, the law of  this  state
governs  perfection,  the effect of perfection or nonperfection, and the
priority of the security interest in such collateral.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 3 - Perfection and Priority › Sub Part 1 - Law Governing Perfection and Priority › 9-302 - Law Governing Perfection and Priority of Agricultural Liens.

Section 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.
2023 New York Laws › UCC - Uniform Commercial Code › Article 9 - Secured Transactions › Part 3 - Perfection and Priority › Sub Part 1 - Law Governing Perfection and Priority › 9-303 - Law Governing Perfection and Priority of Security Interests in Goods Covered by a Certificate of Title.

Section 9--303. Law   Governing  Perfection  and  Priority  of  Security
Interests in Goods Covered by a Certificate of Title.
(a) Applicability of section. This section applies to goods covered by
a certificate of title, even if there is no other  relationship  between
the  jurisdiction under whose certificate of title the goods are covered
and the goods or the debtor.
(b) When goods covered by certificate of title. Goods  become  covered
by  a  certificate of title when a valid application for the certificate
of title and  the  applicable  fee  are  delivered  to  the  appropriate
authority.    Goods cease to be covered by a certificate of title at the
earlier of the time the certificate of  title  ceases  to  be  effective
under  the  law of the issuing jurisdiction or the time the goods become
covered subsequently  by  a  certificate  of  title  issued  by  another
jurisdiction.
(c) Applicable  law.  The  local  law  of the jurisdiction under whose
certificate of title the  goods  are  covered  governs  perfection,  the
effect  of  perfection  or nonperfection, and the priority of a security
interest in goods covered by a certificate of title from  the  time  the
goods  become  covered by the certificate of title until the goods cease
to be covered by the certificate of title.