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Definition of 'Article 9'
An article under the Uniform Commercial Code (UCC) that governs secured transactions. Article 9 encompasses a wide variety of possessory liens and determines the legal right of ownership if a debtor does not meet his or her obligations.
In 2002, Article 9 was revised to substantially modernize and expand the scope of what can be used as collateral to include credit card receivables, electronic chattel paper, accounts receivable and business inventory.
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Investopedia explains 'Article 9'
Although Article 9 goes into great detail to incorporate the many loans secured by various types of collateral, there are still many disputes over who has ownership priority of an asset subject to a security interest transaction.
For example, suppose that George brings his computer to be serviced by Mike. Upon completing the repairs, George does not have the funds to pay Mike. In this case, Article 9 states that Mike may keep the computer until payment is received.
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