Asked by Francesca Kivitt on May 17, 2024
Verified
Under revised Article 9,the UCC allows a security agreement to be created by the consumer online.
Revised Article 9
An update to the Uniform Commercial Code that deals with secured transactions; it governs the process of securing assets to back a loan.
UCC
The Uniform Commercial Code is a widespread legislative schema that guides all commercial operations in the United States.
Security Agreement
is a legal document that provides a lender a security interest in a specified asset or property that serves as collateral for a loan.
- Know the regulations regarding the creation and perfection of security agreements, including online agreements.
Verified Answer
RW
Romany WasilMay 20, 2024
Final Answer :
True
Explanation :
The revision to Article 9 allows an "authenticated record"-one produced by the consumer online-to substitute for the signed "writing" of the earlier versions of Article 9 and the earlier state laws that Article 9 replaced.
Learning Objectives
- Know the regulations regarding the creation and perfection of security agreements, including online agreements.