reglab/statecodes huggingface dataset:
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 85 - Security Entitlements › Section 8510 - Rights of purchaser of security entitlement from entitlement holder

§ 8510. Rights of purchaser of security entitlement from
entitlement holder.
(a) Action based on adverse claim to financial asset or security entitlement.
--In a case not covered by the priority rules in Division 9 (relating to secured transactions) 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) When adverse claim cannot be asserted.
--If an adverse claim could not have been asserted against an entitlement holder under section 8502 (relating to assertion of adverse claim against entitlement holder), the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.
(c) Rules of priority.
--In a case not covered by the priority rules in Division 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 8106(d)(1) (relating to control);
(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 8106(d)(2); or
(3) if the purchaser obtained control through another person under section 8106(d)(3), the time on which priority would be based under this subsection if the other person were the secured party.
(d) Securities intermediary.
--A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary. (June 8, 2001, P.L.123, No.18, eff. July 1, 2001)
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 85 - Security Entitlements › Section 8511 - Priority among security interests and entitlement holders

§ 8511. Priority among security interests and entitlement
holders.
(a) General rule.
--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) When creditor of securities intermediary has control over financial asset.
--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) Clearing corporations.
--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.
Cross References.
Section 8511 is referred to in section 8503 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 91 - General Provisions › Extra - Chapter Notes

Enactment.
Chapter 91 was added June 8, 2001, P.L.123, No.18, effective July 1, 2001.
Prior Provisions.
Former Chapter 91, which related to short title, applicability and definitions, was
            added November 1, 1979, P.L.255, No.86, and repealed June 8, 2001, P.L.123, No.18,
            effective July 1, 2001.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 91 - General Provisions › Section 9104 - Control of deposit account

§ 9104. 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; or
(3) the secured party becomes the bank's customer with respect to the deposit account.
(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.
Cross References.
Section 9104 is referred to in sections 9203, 9207, 9208, 9314, 9327, 9340, 9342, 9601, 9607 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 91 - General Provisions › Section 9105 - Control of electronic chattel paper

§ 9105. Control of electronic chattel paper.
(a) General rule; control of electronic chattel paper.--
A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.
(b) Specific facts giving control.--
A system satisfies subsection (a) if the record or records comprising the chattel paper are created, stored and assigned in such a manner that:
(1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in paragraphs (4), (5) and (6), unalterable;
(2) the authoritative copy identifies the secured party as the assignee of the record or records;
(3) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;
(4) copies or amendments which add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;
(5) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy which is not the authoritative copy; and
(6) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
(June 27, 2013, P.L.154, No.30, eff. July 1, 2013)
Cross References.
Section 9105 is referred to in sections 9203, 9207, 9208, 9314, 9330, 9601 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 91 - General Provisions › Section 9106 - Control of investment property

§ 9106. Control of investment property.
(a) Control under section 8106.
--A person has control of a certificated security, an uncertificated security or a security entitlement as provided in section 8106 (relating to control).
(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.
Cross References.
Section 9106 is referred to in sections 9203, 9207, 9208, 9314, 9328, 9601 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 91 - General Provisions › Section 9107 - Control of letter-of-credit right

§ 9107. 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 5114(c) (relating to recognition of assignment of proceeds) or otherwise applicable law or practice.
Cross References.
Section 9107 is referred to in sections 9203, 9207, 9208, 9314, 9329, 9601 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 91 - General Provisions › Section 9108 - Sufficiency of description

§ 9108. 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 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 title;
(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 title is an insufficient description of:
(1) a commercial tort claim; or
(2) in a consumer transaction, consumer goods, a security entitlement, a securities account or a commodity account.
Cross References.
Section 9108 is referred to in section 9504 of this title; section 6222 of Title 12 (Commerce and Trade).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 91 - General Provisions › Section 9110 - Security interests arising under Division 2 or 2A

§ 9110. Security interests arising under Division 2 or 2A.
A security interest arising under section 2401 (relating to passing of title; reservation for security; limited application of section), 2505 (relating to shipment by seller under reservation), 2711(c) (relating to security interest of buyer in rejected goods) or 2A508(e) (relating to security interest in goods in lessee's possession) is subject to this division. However, until the debtor obtains possession of the goods:
(1) the security interest is enforceable, even if section 9203(b)(3) (relating to enforceability) 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 Division 2 (relating to sales) or 2A
(relating to leases); and
(4) the security interest has priority over a conflicting security interest created by the debtor.
Cross References.
Section 9110 is referred to in sections 9109, 9203, 9322 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 92 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement › Extra - Chapter Notes

Enactment.
Chapter 92 was added June 8, 2001, P.L.123, No.18, effective July 1, 2001.
Prior Provisions.
Former Chapter 92, which related to validity of security agreement and rights of parties
            thereto, was added November 1, 1979, P.L.255, No.86, and repealed June 8, 2001, P.L.123,
            No.18, effective July 1, 2001.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 92 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement › Section 9201 - General effectiveness of security agreement

§ 9201. General effectiveness of security agreement.
(a) General effectiveness.--
Except as otherwise provided in this title, 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 division is subject to:
(1) any applicable rule of law which establishes a different rule for consumers;
(2) any other statute or regulation of the Commonwealth which regulates the rates, charges, agreements and practices for loans, credit sales or other extensions of credit; and
(3) any consumer protection statute or regulation of the Commonwealth.
(c) Other applicable law controls.--
In case of conflict between this division 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 division does not:
(1) validate any rate, charge, agreement or practice which 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 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 92 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement › Section 9202 - Title to collateral immaterial

§ 9202. 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 division with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 92 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement › Section 9204 - After-acquired property; future advances

§ 9204. 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 ten 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 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 92 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement › Section 9205 - Use or disposition of collateral permissible

§ 9205. 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 any of the following apply:
(1) The debtor has the right or ability to:
(i) use, commingle or dispose of all or part of the collateral, including returned or repossessed goods;
(ii) collect, compromise, enforce or otherwise deal with collateral;
(iii) accept the return of collateral or make repossessions; or
(iv) use, commingle or dispose of proceeds.
(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 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 92 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement › Section 9206 - Security interest arising in purchase or delivery of financial asset

§ 9206. 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 all of the following apply:
(1) The security or other financial asset:
(i) in the ordinary course of business is transferred by delivery with any necessary indorsement or assignment; and
(ii) is delivered under an agreement between persons in the business of dealing with such securities or financial assets.
(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.
Cross References.
Section 9206 is referred to in sections 9203, 9309 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 92 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement › Section 9207 - Rights and duties of secured party having possession or control of collateral

§ 9207. 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.
(4) The secured party may use or operate the collateral:
(i) for the purpose of preserving the collateral or its value;
(ii) as permitted by an order of a court having competent jurisdiction; or
(iii) 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 7106 (relating to control of electronic document of title), 9104 (relating to control of deposit account), 9105 (relating to control of electronic chattel paper), 9106 (relating to control of investment property) or 9107 (relating to control of letter-of-credit right):
(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:
(i) to charge back uncollected collateral; or
(ii) 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.
(2) Subsections (b) and (c) do not apply.
(Apr. 16, 2008, P.L.57, No.13, eff. 60 days)
2008 Amendment.
Act 13 amended subsec. (c) intro. par.
Cross References.
Section 9207 is referred to in sections 9601, 9602 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 92 - Effectiveness of Security Agreement, Attachment of Security Interest and Rights of Parties to Security Agreement › Section 9209 - Duties of secured party if account debtor has been notified of assignment

§ 9209. 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 ten days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under section 9406(a) (relating to discharge of account debtor; effect of notification) an authenticated record which 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.
Cross References.
Section 9209 is referred to in section 9625 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Extra - Chapter Notes

Enactment.
Chapter 93 was added June 8, 2001, P.L.123, No.18, effective July 1, 2001.
Prior Provisions.
Former Chapter 93, which related to rights of third parties; perfected and unperfected
            security interests; rules of priority, was added November 1, 1979, P.L.255, No.86,
            and repealed June 8, 2001, P.L.123, No.18, effective July 1, 2001.
Cross References.
Chapter 93 is referred to in sections 9705, 9707 of this title.
Cross References.
Subchapter A is referred to in section 1301 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9301 - Law governing perfection and priority of security interests

§ 9301. Law governing perfection and priority of security interests.
(a) General rule; location of debtor.--
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) Possessory security interests; location of collateral.--
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) Fixture filings, timber to be cut, priority of nonpossessory tangible personal property security interests; location of collateral.--
Except as otherwise provided in subsection (d), while collateral is located in a jurisdiction, the local law of that jurisdiction governs:
(1) perfection of a security interest in 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 tangible negotiable documents, goods, instruments, money or tangible chattel paper.
(d) As-extracted collateral; location of wellhead or minehead.--
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) Other exceptions.--
The rules of this section are subject to:
(1) Section 9303 (relating to law governing perfection and priority of security interests in goods covered by certificate of title).
(2) Section 9304 (relating to law governing perfection and priority of security interests in deposit accounts).
(3) Section 9305 (relating to law governing perfection and priority of security interests in investment property).
(4) Section 9306 (relating to law governing perfection and priority of security interests in letter-of-credit rights).
(Apr. 16, 2008, P.L.57, No.13, eff. 60 days)
2008 Amendment.
Act 13 amended subsec. (c)(3).
Cross References.
Section 9301 is referred to in section 9316 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9302 - Law governing perfection and priority of agricultural liens

§ 9302. 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 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9303 - Law governing perfection and priority of security interests in goods covered by certificate of title

§ 9303. Law governing perfection and priority of security
interests in goods covered by 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.
Cross References.
Section 9303 is referred to in section 9301 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9304 - Law governing perfection and priority of security interests in deposit accounts

§ 9304. Law governing perfection and priority of security
interests in deposit accounts.
(a) Law of bank's jurisdiction governs.
--The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a deposit account maintained with that bank.
(b) Bank's jurisdiction.
--The following rules determine a bank's jurisdiction for purposes of this chapter:
(1) If an agreement between the bank and its customer governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this chapter or this division, that jurisdiction is the bank's jurisdiction.
(2) If paragraph (1) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(3) If neither paragraph (1) nor paragraph (2) applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
(4) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.
(5) If none of the preceding paragraphs applies, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located. (Apr. 16, 2008, P.L.57, No.13, eff. 60 days)
2008 Amendment.
Act 13 amended subsec. (b)(1).
Cross References.
Section 9304 is referred to in section 9301 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9306 - Law governing perfection and priority of security interests in letter-of-credit rights

§ 9306. Law governing perfection and priority of security
interests in letter-of-credit rights.
(a) Governing law; issuer's or nominated person's jurisdiction.
--Subject to subsection (c), the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state.
(b) Issuer's or nominated person's jurisdiction.
--For purposes of this chapter, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in section 5116 (relating to choice of law and forum).
(c) When section not applicable.
--This section does not apply to a security interest which is perfected only under section 9308(d) (relating to supporting obligation).
Cross References.
Section 9306 is referred to in section 9301 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9308 - When security interest or agricultural lien is perfected; continuity of perfection

§ 9308. When security interest or agricultural lien is perfected; continuity of perfection.
(a) Perfection of security interest.--
Except as otherwise provided in this section and section 9309 (relating to security interest perfected upon attachment), a security interest is perfected if it has attached and all of the applicable requirements for perfection in sections 9310 (relating to when filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply) through 9316 (relating to effect of change in governing law) have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
(b) Perfection of agricultural lien.--
An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in section 9310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
(c) Continuous perfection; perfection by different methods.--
A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this division and is later perfected by another method under this division without an intermediate period when it was unperfected.
(d) Supporting obligation.--
Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.
(e) Lien securing right to payment.--
Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage or other lien on personal or real property securing the right.
(f) Security entitlement carried in securities account.--
Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
(g) Commodity contract carried in commodity account.--
Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.
(June 27, 2013, P.L.154, No.30, eff. July 1, 2013)
2013 Amendment.
Act 30 amended subsec. (a).
Cross References.
Section 9308 is referred to in sections 9109, 9306, 9310, 9312 of this title; sections 1134, 7712.12 of Title 75 (Vehicles).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9309 - Security interest perfected upon attachment

§ 9309. Security interest perfected upon attachment.
The following security interests are perfected when they attach:
(1) A purchase-money security interest in consumer goods, except as otherwise provided in section 9311(b)
(relating to perfection of security interests in property subject to certain statutes, regulations and treaties) with respect to consumer goods which are subject to a statute or treaty described in section 9311(a).
(2) An assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor's outstanding accounts or payment intangibles.
(3) A sale of a payment intangible.
(4) A sale of a promissory note.
(5) A security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services.
(6) A security interest arising under section 2401
(relating to passing of title; reservation for security; limited application of section), 2505 (relating to shipment by seller under reservation), 2711(c) (relating to security interest of buyer in rejected goods) or 2A508(e) (relating to security interest in goods in lessee's possession) until the debtor obtains possession of the collateral.
(7) A security interest of a collecting bank arising under section 4210 (relating to security interest of collecting bank in items, accompanying documents and proceeds).
(8) A security interest of an issuer or nominated person arising under section 5118 (relating to security interest of issuer or nominated person).
(9) A security interest arising in the delivery of a financial asset under section 9206(c) (relating to security interest in payment against delivery transaction).
(10) A security interest in investment property created by a broker or securities intermediary.
(11) A security interest in a commodity contract or a commodity account created by a commodity intermediary.
(12) An assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder.
(13) A security interest created by an assignment of a beneficial interest in a decedent's estate.
(14) A sale by an individual of an account that is a right to payment of winnings in a lottery or other game of chance. (Apr. 16, 2008, P.L.57, No.13, eff. 60 days)
2008 Amendment.
Act 13 added par. (14).
Cross References.
Section 9309 is referred to in sections 9308, 9310, 9323 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9314 - Perfection by control

§ 9314. Perfection by control.
(a) Perfection by control.
--A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper or electronic documents may be perfected by control of the collateral under section 7106 (relating to control of electronic document of title), 9104 (relating to control of deposit account), 9105 (relating to control of electronic chattel paper), 9106 (relating to control of investment property) or 9107 (relating to control of letter- of-credit right).
(b) Specified collateral: time of perfection by control; continuation of perfection.
--A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights or electronic documents is perfected by control under section 7106, 9104, 9105 or 9107 when the secured party obtains control and remains perfected by control only while the secured party retains control.
(c) Investment property: time of perfection by control; continuation of perfection.
--A security interest in investment property is perfected by control under section 9106 from the time the secured party obtains control and remains perfected by control until both of the following paragraphs apply:
(1) The secured party does not have control.
(2) One of the following occurs:
(i) If the collateral is a certificated security, the debtor has or acquires possession of the security certificate.
(ii) If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner.
(iii) If the collateral is a security entitlement, the debtor is or becomes the entitlement holder. (Apr. 16, 2008, P.L.57, No.13, eff. 60 days)
2008 Amendment.
Act 13 amended subsecs. (a) and (b).
Cross References.
Section 9314 is referred to in sections 9308, 9310, 9312, 9327, 9328, 9329 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9315 - Secured party's rights on disposition of collateral and in proceeds

§ 9315. Secured party's rights on disposition of collateral and
in proceeds.
(a) Disposition of collateral: continuation of security interest or agricultural lien; proceeds.
--Except as otherwise provided in this division and in section 2403(b) (relating to transfer by merchant entrusted with possession of goods):
(1) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and
(2) a security interest attaches to any identifiable proceeds of collateral.
(b) When commingled proceeds identifiable.
--Proceeds which are commingled with other property are identifiable proceeds:
(1) if the proceeds are goods, to the extent provided by section 9336 (relating to commingled goods); and
(2) if the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this division with respect to commingled property of the type involved.
(c) Perfection of security interest in proceeds.
--A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.
(d) Continuation of perfection.
--A perfected security interest in proceeds becomes unperfected on the 21st day after the security interest attaches to the proceeds unless one of the following paragraphs applies:
(1) The conditions set forth in all of the following subparagraphs are satisfied:
(i) A filed financing statement covers the original collateral.
(ii) The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed.
(iii) The proceeds are not acquired with cash proceeds.
(2) The proceeds are identifiable cash proceeds.
(3) The security interest in the proceeds is perfected other than under subsection (c) when the security interest attaches to the proceeds or within 20 days thereafter.
(e) When perfected security interest in proceeds becomes unperfected.
--If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (d)(1) becomes unperfected at the later of:
(1) when the effectiveness of the filed financing statement lapses under section 9515 (relating to duration and effectiveness of financing statement; effect of lapsed financing statement) or is terminated under section 9513
(relating to termination statement); or
(2) the 21st day after the security interest attaches to the proceeds.
Cross References.
Section 9315 is referred to in sections 9109, 9203, 9308, 9310, 9312, 9509, 9607 of this title; section 5323 of Title 30 (Fish); sections 1137, 7712.8 of Title 75 (Vehicles).
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9317 - Interests which take priority over or take free of security interest or agricultural lien

§ 9317. Interests which take priority over or take free of security interest or agricultural lien.
(a) Conflicting security interests and rights of lien creditors.--
A security interest or agricultural lien is subordinate to the rights of all of the following:
(1) A person entitled to priority under section 9322 (relating to priorities among conflicting security interests in and agricultural liens on same collateral).
(2) Except as otherwise provided in subsection (e), a person that becomes a lien creditor before the earlier of the time:
(i) the security interest or agricultural lien is perfected; or
(ii) one of the conditions specified in section 9203(b)(3) (relating to enforceability) is met and a financing statement covering the collateral is filed.
(b) Buyers that receive delivery.--
Except as otherwise provided in subsection (e), a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(c) Lessees that receive delivery.--
Except as otherwise provided in subsection (e), a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
(d) Licensees and buyers of certain collateral.--
A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.
(e) Purchase-money security interest.--
Except as otherwise provided in sections 9320 (relating to buyer of goods) and 9321 (relating to licensee of general intangible and lessee of goods in ordinary course of business), if a person files a financing statement with respect to a purchase-money security interest before or within 20 days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee or lien creditor which arise between the time the security interest attaches and the time of filing.
(Apr. 16, 2008, P.L.57, No.13, eff. 60 days; June 27, 2013, P.L.154, No.30, eff. July 1, 2013)
2013 Amendment.
Act 30 amended subsecs. (b) and (d).
Cross References.
Section 9317 is referred to in section 2A307 of this title.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9318 - No interest retained in right to payment which is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers

§ 9318. No interest retained in right to payment which is sold;
rights and title of seller of account or chattel
paper with respect to creditors and purchasers.
(a) Seller retains no interest.
--A debtor that has sold an account, chattel paper, payment intangible or promissory note does not retain a legal or equitable interest in the collateral sold.
(b) Deemed rights of debtor if buyer's security interest unperfected.
--For purposes of determining the rights of creditors of and purchasers for value of an account or chattel paper from a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.
2023 Pennsylvania Consolidated & Unconsolidated Statutes › Title 13 - COMMERCIAL CODE › Chapter 93 - Perfection and Priority › Section 9319 - Rights and title of consignee with respect to creditors and purchasers

§ 9319. Rights and title of consignee with respect to creditors
and purchasers.
(a) Consignee has consignor's rights.
--Except as otherwise provided in subsection (b), for purposes of determining the rights of creditors of and purchasers for value of goods from a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.
(b) Applicability of other law.
--For purposes of determining the rights of a creditor of a consignee, law other than this division determines the rights and title of a consignee while goods are in the consignee's possession if, under this chapter, a perfected security interest held by the consignor would have priority over the rights of the creditor.