Secured Transactions

 

Overviewcontentphoto_securedtransactions

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

 Note: Recently added resources are posted at the top of the applicable sections.


Major Statutes

Federal Farm Products Rule, 7 U.S.C. § 1631

Uniform Commercial Code (UCC) Revised Article 9, Secured Transactions, §§ 9-101 – 9-709

Updated Compilation of States’ Statutory Agricultural Lien Charts


Regulations

Clear Title – Protection for Purchasers of Farm Products

Federal Register Rules Open for Comment


Case Law

Case Law Index for Secured Transactions


Center Research Publications

State Level Overview of Laws Addressing the Regulation of Grain Sales and Storage (Rumley & Fritts, 2014)

Updated Statutory Agricultural Lien Charts (Springsteen & Fiser, 2009)

U.C.C. Forms and Filing Information (Springsteen, 2009)

2005 Commercial Law Update (Meyer, 2006)

Statutory Agricultural Liens Under Revised Article 9 of the Uniform Commercial Code (Schneider, 2003)


Congressional Research Service Reports

CRS Subject(s):

Finance and Credit


Agricultural Law Bibliography

Introduction   |   Keyword Search   |   Browse Categories

Legal publications on Secured Transactions:

Finance and Credit
Land Sales/Real Estate Finance, Mortgages/Foreclosures
Livestock and Packers & Stockyards
Uniform Commercial Code


Reference Resources

Publications

The UCC and Food (Weise, Business Law Today, 2009)

What Every Farmer Should Know About Secured Transactions (Hayes, 2004)

The Illinois Landlord’s Lien: Securing Agricultural Rent Payments after August 21, 2002 (Uchtmann, 2002)

Agricultural Liens and Revised UCC Article 9 (Ice Miller, 2001)

Practical Pointers for Revised Article 9: Desirable Changes to Security Documents, Financing Statements and Legal Opinions after June 30, 2001 (Alford, 2001)

A Legal Guide for Wisconsin Farmers (2011)

Current Article 9 Issues and Agricultural Credit (Meyer, 2005)

A Garden Variety of UCC Issues Dealing with Agriculture (Meyer, 2010)


Additional Resources

Secured Transactions Posts (Ag & Food Law Blog)

UCC Article 9 State Statute Locator (Cornell U.)

Drafts: U.C.C. Revised Article 9 (National Conference of Commissioners on Uniform State Laws)