"Article 9 of the Uniform Commercial Code (U.C.C.) provides a comprehensive scheme for the regulation of security interests in personal property and fixtures. Official Comment 1 to 9-101. Article 9 provides the law of transactions where someone uses personal property as collateral for a debt. Debt is a time machine. Debtors borrow to use future income to pay today's bills. A business can match income from use of machinery to the payments for the machinery, instead of paying cash when buying the machinery. A consumer can ...
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"Article 9 of the Uniform Commercial Code (U.C.C.) provides a comprehensive scheme for the regulation of security interests in personal property and fixtures. Official Comment 1 to 9-101. Article 9 provides the law of transactions where someone uses personal property as collateral for a debt. Debt is a time machine. Debtors borrow to use future income to pay today's bills. A business can match income from use of machinery to the payments for the machinery, instead of paying cash when buying the machinery. A consumer can likewise spread the payments for a car over the life of the car"-- Provided by publisher.
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