Secured Transactions
Overview
As agriculture becomes more industrialized, credit becomes more of an integral part of the production process. Lenders secure loans to agricultural producers with collateral in property such as crops, livestock, and equipment. The mechanism that governs these transactions is primarily contained in Article 9 of the Uniform Commercial Code (UCC) as adopted in each state. As of January 1, 2002, Revised Article 9 of the UCC, the first major revision since 1972, has taken effect in all fifty states and the District of Columbia. Revised Article 9 broadens the scope of covered transactions and attempts to simplify the creation, perfection, and enforcement of security interests. Enactment of the UCC across the states includes some variations incorporated by individual state legislatures, and this overview focuses generally on Article 9 of the UCC as revised, and how it functions in agricultural lending. Due to the complex nature of the rules governing secured transactions, careful attention must be paid to the rules and the details applicable to each transaction in order to avoid potential pitfalls. Read the full overview
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