Massachusetts General Laws ch. 106 sec. 9-309 – Security Interest Perfected Upon Attachment
Section 9–309. The following security interests are perfected when they attach:
Terms Used In Massachusetts General Laws ch. 106 sec. 9-309
- Contract: A legal written agreement that becomes binding when signed.
- Decedent: A deceased person.
- Interests: includes any form of membership in a domestic or foreign nonprofit corporation. See Massachusetts General Laws ch. 156D sec. 11.01
- Statute: A law passed by a legislature.
(1) a purchase-money security interest in consumer goods, except as otherwise provided in Section 9–311(b) with respect to consumer goods that are subject to a statute or treaty described in Section 9–311(a);
(2) an assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer a significant part of the assignor’s outstanding accounts or payment intangibles;
(3) a sale of a payment intangible;
(4) a sale of a promissory note;
(5) a security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services;
(6) a security interest arising under Section 2–401, 2–505, 2–711(3), or 2A–508(5), until the debtor obtains possession of the collateral;
(7) a security interest of a collecting bank arising under Section 4–210;
(8) a security interest of an issuer or nominated person arising under Section 5–118;
(9) a security interest arising in the delivery of a financial asset under Section 9–206(c);
(10) a security interest in investment property created by a broker or securities intermediary;
(11) a security interest in a commodity contract or a commodity account created by a commodity intermediary;
(12) an assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder;
(13) a security interest created by an assignment of a beneficial interest in a decedent‘s estate; and
(14) a sale by an individual of an account that is a right to payment of winnings in a lottery or other game of chance.