Legislation
SECTION 12-A-305
Priority
Uniform Commercial Code (UCC) CHAPTER 38, ARTICLE 12-A, PART 3
* Section 12-A-305. Priority.
(a) Determination of priority. Subject to subsections (b) and (c), the
revised UCC determines the priority of conflicting claims to collateral.
(b) Established priorities. Subject to subsection (c), if the
priorities of claims to collateral were established before the effective
date of the UCC Revision Act, Article 9 as in effect before the
effective date of the UCC Revision Act determines priority.
(c) Determination of certain priorities on adjustment date. On the
adjustment date, to the extent the priorities determined by Article 9 as
amended by the UCC Revision Act modify the priorities established before
the effective date of the UCC Revision Act, the priorities of claims to
Article 12 property and electronic money established before the
effective date of the UCC Revision Act cease to apply.
* NB Effective June 3, 2026
(a) Determination of priority. Subject to subsections (b) and (c), the
revised UCC determines the priority of conflicting claims to collateral.
(b) Established priorities. Subject to subsection (c), if the
priorities of claims to collateral were established before the effective
date of the UCC Revision Act, Article 9 as in effect before the
effective date of the UCC Revision Act determines priority.
(c) Determination of certain priorities on adjustment date. On the
adjustment date, to the extent the priorities determined by Article 9 as
amended by the UCC Revision Act modify the priorities established before
the effective date of the UCC Revision Act, the priorities of claims to
Article 12 property and electronic money established before the
effective date of the UCC Revision Act cease to apply.
* NB Effective June 3, 2026