Utah Code 70A-9a-335. Accessions
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(1) A security interest may be created in an accession and continues in collateral that becomes an accession.
Terms Used In Utah Code 70A-9a-335
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Statute: A law passed by a legislature.
(2) If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral.(3) Except as otherwise provided in Subsection(4) , the other provisions of this part determine the priority of a security interest in an accession.(4) A security interest in an accession is subordinate to a security interest in the whole which is perfected by compliance with the requirements of a certificate-of-title statute under Subsection70A-9a-311(2) .(5) After default, subject toPart 6, Default , a secured party may remove an accession from other goods if the security interest in the accession has priority over the claims of every person having an interest in the whole.(6) A secured party that removes an accession from other goods under Subsection(5) shall promptly reimburse any holder of a security interest or other lien on, or owner of, the whole or of the other goods, other than the debtor, for the cost of repair of any physical injury to the whole or the other goods. The secured party need not reimburse the holder or owner for any diminution in value of the whole or the other goods caused by the absence of the accession removed or by any necessity for replacing it. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.