Article 9

Definition

A Uniform Commercial Code covenant that addresses collateralized debt. The Article determines what types of collateral, including paper securities such as promissory notes, accounts receivables, etc., are allowed to secure a loan. Service providers have the right to place liens on such collateral in the event of unpaid services rendered.

Use Article 9 in a sentence

You should try and read up on article 9 and make sure that you are not doing anything that may break it.

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A code which addresses collateral debt and is a type of code which is uniform and commercialized is the code which is known as article 9

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When they discussed the state of the loan process, Jack knew that they would have to take into consideration the specific stipulations of Article 9 as to what could be considered collateral.

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