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The Vermont Statutes Online



Title

09A

:
Uniform Commercial Code






Chapter

009

:
Secured Transactions











 

§

9-109. Scope

(a) Except as

otherwise provided in subsections (c) and (d), this article applies to:

(1) a

transaction, regardless of its form, that creates a security interest in

personal property or fixtures by contract;

(2) an

agricultural lien;

(3) a sale of

accounts, chattel paper, payment intangibles, or promissory notes;

(4) a

consignment;

(5) a security

interest arising under section 2-401, 2-505, 2-711(3), or 2A-508(5), as

provided in section 9-110; and

(6) a security

interest arising under section 4-210 or 5-118.

(b) The

application of this article to a security interest in a secured obligation is

not affected by the fact that the obligation is itself secured by a transaction

or interest to which this article does not apply.

(c) This article

does not apply to the extent that:

(1) a statute,

regulation, or treaty of the United States preempts this article;

(2) a statute of

another state, a foreign country, or a governmental unit of another state or a

foreign country, other than a statute generally applicable to security

interests, expressly governs creation, perfection, priority, or enforcement of

a security interest created by the state, country, or governmental unit; or

(3) the rights

of a transferee beneficiary or nominated person under a letter of credit are

independent and superior under section 5-114.

(d) This article

does not apply to:

(1) a landlord's

lien, other than an agricultural lien;

(2) a lien,

other than an agricultural lien, given by statute or other rule of law for

services or materials, but section 9-333 applies with respect to priority of

the lien;

(3) an

assignment of a claim for wages, salary, or other compensation of an employee;

(4) a sale of

accounts, chattel paper, payment intangibles, or promissory notes as part of a

sale of the business out of which they arose;

(5) an

assignment of accounts, chattel paper, payment intangibles, or promissory notes

which is for the purpose of collection only;

(6) an

assignment of a right to payment under a contract to an assignee that is also obligated

to perform under the contract;

(7) an

assignment of a single account, payment intangible, or promissory note to an

assignee in full or partial satisfaction of a preexisting indebtedness;

(8) a transfer

of an interest in or an assignment of a claim under a policy of insurance,

other than an assignment by or to a health care provider of a health

care-insurance receivable and any subsequent assignment of the right to

payment, but sections 9-315 and 9-322 apply with respect to proceeds and

priorities in proceeds;

(9) an

assignment of a right represented by a judgment, other than a judgment taken on

a right to payment that was collateral;

(10) a right of

recoupment or set-off, but:

(A) section

9-340 applies with respect to the effectiveness of rights of recoupment or

set-off against deposit accounts; and

(B) section

9-404 applies with respect to defenses or claims of an account debtor;

(11) the

creation or transfer of an interest in or lien on real property, including a

lease or rents thereunder, except to the extent that provision is made for:

(A) liens on

real property in sections 9-203 and 9-308;

(B) fixtures in

section 9-334;

(C) fixture

filings in sections 9-501, 9-502, 9-512, 9-516, and 9-519; and

(D) security

agreements covering personal and real property in section 9-604;

(12) an

assignment of a claim arising in tort, other than a commercial tort claim, but

sections 9-315 and 9-322 apply with respect to proceeds and priorities in

proceeds;

(13) an

assignment of a deposit account in a consumer transaction, but sections 9-315

and 9-322 apply with respect to proceeds and priorities in proceeds;

(14) a transfer

by this State or a subdivision, agency, department, county, municipality, or

other unit of the government of this State;

(15) a claim or

right to receive compensation for injuries or sickness as described in 26

U.S.C. § 104(a)(1) or (2); or

(16) a claim or

right to receive benefits under a special needs trust as described in 42 U.S.C.

§ 1396p(d)(4). (Added 1999, No. 106 (Adj. Sess.), § 2, eff. July 1, 2001;

amended 2001, No. 46, §§ 1a, 1b.)