This Article may be cited as the Uniform Commercial Code-Secured Transactions.
[ 2000 c 250 § 9A-101; ]
"Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.
[Empty]
"Account," except as used in "account for," means a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge card or information contained on or for use with the card, or (viii) as winnings in a lottery or other game of chance operated or sponsored by a state, governmental unit of a state, or person licensed or authorized to operate the game by a state or governmental unit of a state. The term includes health-care-insurance receivables.
"Account debtor" means a person obligated on an account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the instrument constitutes part of chattel paper.
"Accounting," except as used in "accounting for," means a record:
Authenticated by a secured party;
Indicating the aggregate unpaid secured obligations as of a date not more than thirty-five days earlier or thirty-five days later than the date of the record; and
"Agricultural lien" means an interest, other than a security interest, in farm products:
Which secures payment or performance of an obligation for:
Goods or services furnished in connection with a debtor's farming operation; or
Rent on real property leased by a debtor in connection with its farming operation;
In the ordinary course of its business, furnished goods or services to a debtor in connection with a debtor's farming operation; or
Leased real property to a debtor in connection with the debtor's farming operation; and
"As-extracted collateral" means:
Oil, gas, or other minerals that are subject to a security interest that:
Is created by a debtor having an interest in the minerals before extraction; and
Attaches to the minerals as extracted; or
"Authenticate" means:
To sign; or
"Bank" means an organization that is engaged in the business of banking. The term includes savings banks, savings and loan associations, credit unions, and trust companies.
"Cash proceeds" means proceeds that are money, checks, deposit accounts, or the like.
"Certificate of title" means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. The term includes another record maintained as an alternative to a certificate of title by the governmental unit that issues certificates of title if a statute permits the security interest in question to be indicated on the record as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral.
"Chattel paper" means a record or records that evidence both a monetary obligation and a security interest in specific goods, a security interest in specific goods and software used in the goods, a security interest in specific goods and license of software used in the goods, a lease of specific goods, or a lease of specific goods and license of software used in the goods. In this subsection, "monetary obligation" means a monetary obligation secured by the goods or owed under a lease of the goods and includes a monetary obligation with respect to software used in the goods. The term "chattel paper" does not include (i) charters or other contracts involving the use or hire of a vessel or (ii) records that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card. If a transaction is evidenced by records that include an instrument or series of instruments, the group of records taken together constitutes chattel paper.
"Collateral" means the property subject to a security interest or agricultural lien. The term includes:
Proceeds to which a security interest attaches;
Accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and
"Commercial tort claim" means a claim arising in tort with respect to which:
The claimant is an organization; or
Arose in the course of the claimant's business or profession; and
Does not include damages arising out of personal injury to, or the death of, an individual.
"Commodity account" means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer.
"Commodity contract" means a commodity futures contract, an option on a commodity futures contract, a commodity option, or another contract if the contract or option is:
Traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or
"Commodity customer" means a person for which a commodity intermediary carries a commodity contract on its books.
"Commodity intermediary" means a person that:
Is registered as a futures commission merchant under federal commodities law; or
"Communicate" means:
To send a written or other tangible record;
To transmit a record by any means agreed upon by the persons sending and receiving the record; or
"Consignee" means a merchant to which goods are delivered in a consignment.
"Consignment" means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:
The merchant:
Deals in goods of that kind under a name other than the name of the person making delivery;
Is not an auctioneer; and
Is not generally known by its creditors to be substantially engaged in selling the goods of others;
With respect to each delivery, the aggregate value of the goods is one thousand dollars or more at the time of delivery;
The goods are not consumer goods immediately before delivery; and
The transaction does not create a security interest that secures an obligation.
"Consignor" means a person that delivers goods to a consignee in a consignment.
"Consumer debtor" means a debtor in a consumer transaction.
"Consumer goods" means goods that are used or bought for use primarily for personal, family, or household purposes.
"Consumer-goods transaction" means a consumer transaction in which:
An individual incurs a consumer obligation; and
"Consumer obligation" means an obligation which:
Is incurred as part of a transaction entered into primarily for personal, family, or household purposes; and
"Consumer obligor" means an obligor who is an individual and who incurred a consumer obligation.
"Consumer transaction" means a transaction in which (i) an individual incurs a consumer obligation, (ii) a security interest secures the obligation, and (iii) the collateral is held or acquired primarily for personal, family, or household purposes. The term includes consumer-goods transactions.
"Continuation statement" means an amendment of a financing statement which:
Identifies, by its file number, the initial financing statement to which it relates; and
"Debtor" means:
A person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;
A seller of accounts, chattel paper, payment intangibles, or promissory notes; or
"Deposit account" means a demand, time, savings, passbook, or similar account maintained with a bank. The term does not include investment property or accounts evidenced by an instrument.
"Document" means a document of title or a receipt of the type described in RCW 62A.7-201(b).
"Electronic chattel paper" means chattel paper evidenced by a record or records consisting of information stored in an electronic medium.
"Encumbrance" means a right, other than an ownership interest, in real property. The term includes mortgages and other liens on real property.
"Equipment" means goods other than inventory, farm products, or consumer goods.
"Farm products" means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are:
Crops grown, growing, or to be grown, including:
Crops produced on trees, vines, and bushes; and
Aquatic goods produced in aquacultural operations;
Livestock, born or unborn, including aquatic goods produced in aquacultural operations;
Supplies used or produced in a farming operation; or
Products of crops or livestock in their unmanufactured states.
"Farming operation" means raising, cultivating, propagating, fattening, grazing, or any other farming, livestock, or aquacultural operation.
"File number" means the number assigned to an initial financing statement pursuant to RCW 62A.9A-519(a).
"Filing office" means an office designated in RCW 62A.9A-501 as the place to file a financing statement.
"Filing-office rule" means a rule adopted pursuant to RCW 62A.9A-526.
"Financing statement" means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement.
"Fixture filing" means the filing of a financing statement covering goods that are or are to become fixtures and satisfying RCW 62A.9A-502 (a) and (b). The term includes the filing of a financing statement covering goods of a transmitting utility which are or are to become fixtures.
"Fixtures" means goods that have become so related to particular real property that an interest in them arises under real property law.
"General intangible" means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, or other minerals before extraction. The term includes payment intangibles and software.
[Reserved.]
"Goods" means all things that are movable when a security interest attaches. The term includes (i) fixtures, (ii) standing timber that is to be cut and removed under a conveyance or contract for sale, (iii) the unborn young of animals, (iv) crops grown, growing, or to be grown, even if the crops are produced on trees, vines, or bushes, and (v) manufactured homes. The term also includes a computer program embedded in goods and any supporting information provided in connection with a transaction relating to the program if (i) the program is associated with the goods in such a manner that it customarily is considered part of the goods, or (ii) by becoming the owner of the goods, a person acquires a right to use the program in connection with the goods. The term does not include a computer program embedded in goods that consist solely of the medium in which the program is embedded. The term also does not include accounts, chattel paper, commercial tort claims, deposit accounts, documents, general intangibles, instruments, investment property, letter-of-credit rights, letters of credit, money, or oil, gas, or other minerals before extraction or a manufactured home converted to real property under chapter 65.20 RCW.
"Governmental unit" means a subdivision, agency, department, county, parish, municipality, or other unit of the government of the United States, a state, or a foreign country. The term includes an organization having a separate corporate existence if the organization is eligible to issue debt on which interest is exempt from income taxation under the laws of the United States.
"Health-care-insurance receivable" means an interest in or claim under a policy of insurance which is a right to payment of a monetary obligation for health-care goods or services provided.
"Instrument" means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment. The term does not include (i) investment property, (ii) letters of credit, (iii) writings that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card, (iv) writings that do not contain a promise or order to pay, or (v) writings that are expressly nontransferable or nonassignable.
"Inventory" means goods, other than farm products, which:
Are leased by a person as lessor;
Are held by a person for sale or lease or to be furnished under a contract of service;
Are furnished by a person under a contract of service; or
Consist of raw materials, work in process, or materials used or consumed in a business.
"Investment property" means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account.
"Jurisdiction of organization," with respect to a registered organization, means the jurisdiction under whose law the organization is formed or organized.
"Letter-of-credit right" means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. The term does not include the right of a beneficiary to demand payment or performance under a letter of credit.
"Lien creditor" means:
A creditor that has acquired a lien on the property involved by attachment, levy, or the like;
An assignee for benefit of creditors from the time of assignment;
A trustee in bankruptcy from the date of the filing of the petition; or
A receiver in equity from the time of appointment.
"Manufactured home" means a manufactured home or mobile home as defined in RCW 46.04.302.
[Reserved]
"Mortgage" means a consensual interest in real property, including fixtures, which secures payment or performance of an obligation.
"New debtor" means a person that becomes bound as debtor under RCW 62A.9A-203(d) by a security agreement previously entered into by another person.
"New value" means (i) money, (ii) money's worth in property, services, or new credit, or (iii) release by a transferee of an interest in property previously transferred to the transferee. The term does not include an obligation substituted for another obligation.
"Noncash proceeds" means proceeds other than cash proceeds.
"Obligor" means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, (i) owes payment or other performance of the obligation, (ii) has provided property other than the collateral to secure payment or other performance of the obligation, or (iii) is otherwise accountable in whole or in part for payment or other performance of the obligation. The term does not include issuers or nominated persons under a letter of credit.
"Original debtor", except as used in RCW 62A.9A-310(c), means a person that, as debtor, entered into a security agreement to which a new debtor has become bound under RCW 62A.9A-203(d).
"Payment intangible" means a general intangible under which the account debtor's principal obligation is a monetary obligation.
"Person related to," with respect to an individual, means:
The spouse or state registered domestic partner of the individual;
A brother, brother-in-law, sister, or sister-in-law of the individual;
An ancestor or lineal descendant of the individual or the individual's spouse or state registered domestic partner; or
Any other relative, by blood or by marriage or other law, of the individual or the individual's spouse or state registered domestic partner who shares the same home with the individual.
"Person related to," with respect to an organization, means:
A person directly or indirectly controlling, controlled by, or under common control with the organization;
An officer or director of, or a person performing similar functions with respect to, the organization;
An officer or director of, or a person performing similar functions with respect to, a person described in (63)(A) of this subsection;
The spouse or state registered domestic partner of an individual described in (63)(A), (B), or (C) of this subsection; or
An individual who is related by blood or by marriage or other law to an individual described in (63)(A), (B), (C), or (D) of this subsection and shares the same home with the individual.
"Proceeds", except as used in RCW 62A.9A-609(b), means the following property:
Whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral;
Whatever is collected on, or distributed on account of, collateral;
Rights arising out of collateral;
To the extent of the value of collateral, claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to, the collateral; or
To the extent of the value of collateral and to the extent payable to the debtor or the secured party, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to, the collateral.
"Promissory note" means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds.
"Proposal" means a record authenticated by a secured party, which includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to RCW 62A.9A-620, 62A.9A-621, and 62A.9A-622.
"Public-finance transaction" means a secured transaction in connection with which:
Debt securities are issued;
All or a portion of the securities issued have an initial stated maturity of at least twenty years; and
"Public organic record" means a record that is available to the public for inspection and is:
A record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States which amends or restates the initial record;
An organic record of a business trust consisting of the record initially filed with a state and any record filed with the state which amends or restates the initial record, if a statute of the state governing business trusts requires that the record be filed with the state; or
"Pursuant to commitment," with respect to an advance made or other value given by a secured party, means pursuant to the secured party's obligation, whether or not a subsequent event of default or other event not within the secured party's control has relieved or may relieve the secured party from its obligation.
"Record," except as used in "for record," "of record," "record or legal title," and "record owner," means information that is inscribed on a tangible medium or which is stored in an electronic or other medium and is retrievable in perceivable form.
"Registered organization" means an organization formed or organized solely under the law of a single state or the United States by the filing of a public organic record with, the issuance of a public organic record by, or the enactment of legislation by the state or the United States. The term includes a business trust that is formed or organized under the law of a single state if a statute of the state governing business trusts requires that the business trust's organic record be filed with the state.
"Secondary obligor" means an obligor to the extent that:
The obligor's obligation is secondary; or
"Secured party" means:
A person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding;
A person that holds an agricultural lien;
A consignor;
A person to which accounts, chattel paper, payment intangibles, or promissory notes have been sold;
A trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest or agricultural lien is created or provided for; or
A person that holds a security interest arising under RCW 62A.2-401, 62A.2-505, 62A.2-711(3), 62A.2A-508(5), 62A.4-210, or 62A.5-118.
"Security agreement" means an agreement that creates or provides for a security interest.
"Send," in connection with a record or notification, means:
To deposit in the mail, deliver for transmission, or transmit by any other usual means of communication, with postage or cost of transmission provided for, addressed to any address reasonable under the circumstances; or
"Software" means a computer program and any supporting information provided in connection with a transaction relating to the program. The term does not include a computer program that is included in the definition of goods.
"State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.
"Supporting obligation" means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument, or investment property.
"Tangible chattel paper" means chattel paper evidenced by a record or records consisting of information that is inscribed on a tangible medium.
"Termination statement" means an amendment of a financing statement which:
Identifies, by its file number, the initial financing statement to which it relates; and
"Transmitting utility" means a person primarily engaged in the business of:
Operating a railroad, subway, street railway, or trolley bus;
Transmitting communications electrically, electromagnetically, or by light;
Transmitting goods by pipeline or sewer; or
Transmitting or producing and transmitting electricity, steam, gas, or water.
"Applicant."RCW 62A.5-102. "Beneficiary."RCW 62A.5-102. "Broker."RCW 62A.8-102. "Certificated security."RCW 62A.8-102. "Check."RCW 62A.3-104. "Clearing corporation."RCW 62A.8-102. "Contract for sale."RCW 62A.2-106. "Customer."RCW 62A.4-104. "Entitlement holder."RCW 62A.8-102. "Financial asset."RCW 62A.8-102. "Holder in due course."RCW 62A.3-302. "Issuer" with respect to documents of title.RCW 62A.7-102. "Issuer" with respect to a letter of credit or letter-of-credit right.RCW 62A.5-102. "Issuer" with respect to a security.RCW 62A.8-201. "Lease."RCW 62A.2A-103. "Lease agreement."RCW 62A.2A-103. "Lease contract."RCW 62A.2A-103. "Leasehold interest."RCW 62A.2A-103. "Lessee."RCW 62A.2A-103. "Lessee in ordinary course of business."RCW 62A.2A-103. "Lessor."RCW 62A.2A-103. "Lessor's residual interest."RCW 62A.2A-103. "Letter of credit."RCW 62A.5-102. "Merchant."RCW 62A.2-104. "Negotiable instrument."RCW 62A.3-104. "Nominated person."RCW 62A.5-102. "Note."RCW 62A.3-104. "Proceeds of a letter of credit."RCW 62A.5-114. "Prove."RCW 62A.3-103. "Sale."RCW 62A.2-106. "Securities account."RCW 62A.8-501. "Securities intermediary."RCW 62A.8-102. "Security."RCW 62A.8-102. "Security certificate."RCW 62A.8-102. "Security entitlement."RCW 62A.8-102. "Uncertificated security."RCW 62A.8-102.
"Applicant."
RCW 62A.5-102.
"Beneficiary."
RCW 62A.5-102.
"Broker."
RCW 62A.8-102.
"Certificated security."
RCW 62A.8-102.
"Check."
RCW 62A.3-104.
"Clearing corporation."
RCW 62A.8-102.
"Contract for sale."
RCW 62A.2-106.
"Customer."
RCW 62A.4-104.
"Entitlement holder."
RCW 62A.8-102.
"Financial asset."
RCW 62A.8-102.
"Holder in due course."
RCW 62A.3-302.
"Issuer" with respect to documents of title.
RCW 62A.7-102.
"Issuer" with respect to a letter of credit or letter-of-credit right.
RCW 62A.5-102.
"Issuer" with respect to a security.
RCW 62A.8-201.
"Lease."
RCW 62A.2A-103.
"Lease agreement."
RCW 62A.2A-103.
"Lease contract."
RCW 62A.2A-103.
"Leasehold interest."
RCW 62A.2A-103.
"Lessee."
RCW 62A.2A-103.
"Lessee in ordinary course of business."
RCW 62A.2A-103.
"Lessor."
RCW 62A.2A-103.
"Lessor's residual interest."
RCW 62A.2A-103.
"Letter of credit."
RCW 62A.5-102.
"Merchant."
RCW 62A.2-104.
"Negotiable instrument."
RCW 62A.3-104.
"Nominated person."
RCW 62A.5-102.
"Note."
RCW 62A.3-104.
"Proceeds of a letter of credit."
RCW 62A.5-114.
"Prove."
RCW 62A.3-103.
"Sale."
RCW 62A.2-106.
"Securities account."
RCW 62A.8-501.
"Securities intermediary."
RCW 62A.8-102.
"Security."
RCW 62A.8-102.
"Security certificate."
RCW 62A.8-102.
"Security entitlement."
RCW 62A.8-102.
"Uncertificated security."
RCW 62A.8-102.
c. Article 1 definitions and principles. Article 1 contains general definitions and principles of construction and interpretation applicable throughout this Article.
[ 2012 c 214 § 1502; 2012 c 214 § 1501; 2011 c 74 § 101; 2001 c 32 § 16; 2000 c 250 § 9A-102; ]
"Purchase-money collateral" means goods or software that secures a purchase-money obligation incurred with respect to that collateral; and
"Purchase-money obligation" means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to enable the debtor to acquire rights in, or the use of, the collateral, if the value is in fact so used.
To the extent that the goods are purchase-money collateral with respect to that security interest;
If the security interest is in inventory that is or was purchase-money collateral, also to the extent that the security interest secures a purchase-money obligation incurred with respect to other inventory in which the secured party holds or held a purchase-money security interest; and
Also to the extent that the security interest secures a purchase-money obligation incurred with respect to software in which the secured party holds or held a purchase-money security interest.
The debtor acquired its interest in the software in an integrated transaction in which it acquired an interest in the goods; and
The debtor acquired its interest in the software for the principal purpose of using the software in the goods.
Consignor's inventory purchase-money security interest. The security interest of a consignor in goods that are the subject of a consignment is a purchase-money security interest in inventory.
Application of payment in nonconsumer-goods transaction. In a transaction other than a consumer-goods transaction, if the extent to which a security interest is a purchase-money security interest depends on the application of a payment to a particular obligation, the payment must be applied:
In accordance with any reasonable method of application to which the parties agree;
In the absence of the parties' agreement to a reasonable method, in accordance with any intention of the obligor manifested at or before the time of payment; or
In the absence of an agreement to a reasonable method and a timely manifestation of the obligor's intention, in the following order:
To obligations that are not secured; and
The purchase-money collateral also secures an obligation that is not a purchase-money obligation;
Collateral that is not purchase-money collateral also secures the purchase-money obligation; or
The purchase-money obligation has been renewed, refinanced, consolidated, or restructured.
Burden of proof in nonconsumer-goods transaction. In a transaction other than a consumer-goods transaction, a secured party claiming a purchase-money security interest has the burden of establishing the extent to which the security interest is a purchase-money security interest.
Nonconsumer-goods transactions; no inference. The limitation of the rules in subsections (e), (f), and (g) of this section to transactions other than consumer-goods transactions is intended to leave to the court the determination of the proper rules in consumer-goods transactions. The court may not infer from that limitation the nature of the proper rule in consumer-goods transactions and may continue to apply established approaches.
[ 2000 c 250 § 9A-103; ]
The secured party is the bank with which the deposit account is maintained;
The debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the deposit account without further consent by the debtor; or
The secured party becomes the bank's customer with respect to the deposit account.
[ 2001 c 32 § 17; 2000 c 250 § 9A-104; ]
General rule: Control of electronic chattel paper. A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.
A single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in (4), (5), and (6) of this subsection, unalterable;
The authoritative copy identifies the secured party as the assignee of the record or records;
The authoritative copy is communicated to and maintained by the secured party or its designated custodian;
Copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;
Each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and
Any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.
[ 2011 c 74 § 102; 2001 c 32 § 18; 2000 c 250 § 9A-105; ]
Control under RCW 62A.8-106. A person has control of a certificated security, uncertificated security, or security entitlement as provided in RCW 62A.8-106.
The secured party is the commodity intermediary with which the commodity contract is carried; or
The commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.
[ 2000 c 250 § 9A-106; ]
A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under RCW 62A.5-114 (c) or otherwise applicable law or practice.
[ 2012 c 214 § 1716; 2001 c 32 § 19; 2000 c 250 § 9A-107; ]
Sufficiency of description. Except as otherwise provided in subsections (c), (d), and (e) of this section, a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.
Specific listing;
Category;
Except as otherwise provided in subsection (e) of this section, a type of collateral defined in the Uniform Commercial Code;
Quantity;
Computational or allocational formula or procedure; or
Except as otherwise provided in subsection (c) of this section, any other method, if the identity of the collateral is objectively determinable.
Supergeneric description not sufficient. A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral. However, as provided in RCW 62A.9A-504, such a description is sufficient in a financing statement.
Investment property. Except as otherwise provided in subsection (e) of this section, a description of a security entitlement, securities account, or commodity account is sufficient if it describes:
The collateral by those terms or as investment property; or
The underlying financial asset or commodity contract.
A commercial tort claim; or
In a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.
[ 2000 c 250 § 9A-108; ]
A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;
An agricultural lien;
A sale of accounts, chattel paper, payment intangibles, or promissory notes;
A consignment;
A security interest arising under RCW 62A.2-401, 62A.2-505, 62A.2-711(3), or 62A.2A-508(5), as provided in RCW 62A.9A-110; and
A security interest arising under RCW 62A.4-210 or 62A.5-118.
Security interest in secured obligation. The application of this Article to a security interest in a secured obligation is not affected by the fact that the obligation is itself secured by a transaction or interest to which this Article does not apply.
Extent to which Article does not apply. This Article does not apply to the extent that:
A statute, regulation, or treaty of the United States preempts this Article;
Another statute of this state expressly governs the creation, perfection, priority, or enforcement of a security interest created by this state or a governmental unit of this state;
A statute of another state, a foreign country, or a governmental unit of another state or a foreign country, other than a statute generally applicable to security interests, expressly governs creation, perfection, priority, or enforcement of a security interest created by the state, country, or governmental unit; or
The rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under RCW 62A.5-114.
A landlord's lien, other than an agricultural lien;
A lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but RCW 62A.9A-333 applies with respect to priority of the lien;
An assignment of a claim for wages, salary, or other compensation of an employee;
A sale of accounts, chattel paper, payment intangibles, or promissory notes as part of a sale of the business out of which they arose;
An assignment of accounts, chattel paper, payment intangibles, or promissory notes which is for the purpose of collection only;
An assignment of a right to payment under a contract to an assignee that is also obligated to perform under the contract;
An assignment of a single account, payment intangible, or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;
A transfer of an interest in or an assignment of a claim under a policy of insurance, other than an assignment by or to a health-care provider of a health-care-insurance receivable and any subsequent assignment of the right to payment, but RCW 62A.9A-315 and 62A.9A-322 apply with respect to proceeds and priorities in proceeds;
An assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;
A right of recoupment or set-off, but:
RCW 62A.9A-340 applies with respect to the effectiveness of rights of recoupment or set-off against deposit accounts; and
The creation or transfer of an interest in or lien on real property, including a lease or rents thereunder, except to the extent that provision is made for:
Liens on real property in RCW 62A.9A-203 and 62A.9A-308;
Fixtures in RCW 62A.9A-334;
Fixture filings in RCW 62A.9A-501, 62A.9A-502, 62A.9A-512, 62A.9A-516, and 62A.9A-519; and
Security agreements covering personal and real property in RCW 62A.9A-604;
An assignment of a claim arising in tort, other than a commercial tort claim, but RCW 62A.9A-315 and 62A.9A-322 apply with respect to proceeds and priorities in proceeds;
An assignment in a consumer transaction of a deposit account on which checks can be drawn, but RCW 62A.9A-315 and 62A.9A-322 apply with respect to proceeds and priorities in proceeds;
A transfer by this state or a governmental unit of this state; or
The creation or transfer of an interest in or lien on a live dog or cat.
[ 2019 c 340 § 4; 2000 c 250 § 9A-109; ]
A security interest arising under RCW 62A.2-401, 62A.2-505, 62A.2-711(3), or 62A.2A-508(5) is subject to this Article. However, until the debtor obtains possession of the goods:
The security interest is enforceable, even if RCW 62A.9A-203(b)(3) has not been satisfied;
Filing is not required to perfect the security interest;
The rights of the secured party after default by the debtor are governed by Article 2 or 2A; and
The security interest has priority over a conflicting security interest created by the debtor.
[ 2000 c 250 § 9A-110; ]
General effectiveness. Except as otherwise provided in the Uniform Commercial Code, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.
Applicable consumer laws and other law. A transaction subject to this Article is subject to any applicable rule of law which establishes a different rule for consumers and (1) any other statute or regulation that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit and (2) any consumer-protection statute or regulation.
Other applicable law controls. In case of conflict between this Article and a rule of law, statute, or regulation described in subsection (b) of this section, the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) of this section has only the effect the statute or regulation specifies.
Further deference to other applicable law. This Article does not:
Validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b) of this section; or
Extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.
[ 2001 c 32 § 20; 2000 c 250 § 9A-201; ]
Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this Article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
[ 2000 c 250 § 9A-202; ]
Attachment. A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment.
Value has been given;
The debtor has rights in the collateral or the power to transfer rights in the collateral to a secured party; and
One of the following conditions is met:
The debtor has authenticated a security agreement that provides a description of the collateral and, if the security interest covers timber to be cut, a description of the land concerned;
The collateral is not a certificated security and is in the possession of the secured party under RCW 62A.9A-313 pursuant to the debtor's security agreement;
The collateral is a certificated security in registered form and the security certificate has been delivered to the secured party under RCW 62A.8-301 pursuant to the debtor's security agreement; or
The collateral is deposit accounts, electronic chattel paper, investment property, letter-of-credit rights, or electronic documents, and the secured party has control under RCW 62A.7-106, 62A.9A-104, 62A.9A-105, 62A.9A-106, or 62A.9A-107 pursuant to the debtor's security agreement.
Other UCC provisions. Subsection (b) of this section is subject to RCW 62A.4-210 on the security interest of a collecting bank, RCW 62A.5-118 on the security interest of a letter-of-credit issuer or nominated person, RCW 62A.9A-110 on a security interest arising under Article 2 or 2A, and RCW 62A.9A-206 on security interests in investment property.
When person becomes bound by another person's security agreement. A person becomes bound as debtor by a security agreement entered into by another person if, by operation of law other than this Article or by contract:
The security agreement becomes effective to create a security interest in the person's property; or
The person becomes generally obligated for the obligations of the other person, including the obligation secured under the security agreement, and acquires or succeeds to all or substantially all of the assets of the other person.
The agreement satisfies subsection (b)(3) of this section with respect to existing or after-acquired property of the new debtor to the extent the property is described in the agreement; and
Another agreement is not necessary to make a security interest in the property enforceable.
Proceeds and supporting obligations. The attachment of a security interest in collateral gives the secured party the rights to proceeds provided by RCW 62A.9A-315 and is also attachment of a security interest in a supporting obligation for the collateral.
Lien securing right to payment. The attachment of a security interest in a right to payment or performance secured by a security interest or other lien on personal or real property is also attachment of a security interest in the security interest, mortgage, or other lien.
Security entitlement carried in securities account. The attachment of a security interest in a securities account is also attachment of a security interest in the security entitlements carried in the securities account.
Commodity contracts carried in commodity account. The attachment of a security interest in a commodity account is also attachment of a security interest in the commodity contracts carried in the commodity account.
[ 2012 c 214 § 1503; 2000 c 250 § 9A-203; ]
After-acquired collateral. Except as otherwise provided in subsection (b) of this section, a security agreement may create or provide for a security interest in after-acquired collateral.
Consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten days after the secured party gives value; or
A commercial tort claim.
[ 2000 c 250 § 9A-204; ]
The debtor has the right or ability to:
Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;
Collect, compromise, enforce, or otherwise deal with collateral;
Accept the return of collateral or make repossessions; or
Use, commingle, or dispose of proceeds; or
The secured party fails to require the debtor to account for proceeds or replace collateral.
[ 2000 c 250 § 9A-205; ]
The person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and
The securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.
Security interest secures obligation to pay for financial asset. The security interest described in subsection (a) of this section secures the person's obligation to pay for the financial asset.
Security interest in payment against delivery transaction. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:
The security or other financial asset:
In the ordinary course of business, is transferred by delivery with any necessary indorsement or assignment; and
The agreement calls for delivery against payment.
[ 2000 c 250 § 9A-206; ]
Duty of care when secured party in possession. Except as otherwise provided in subsection (d) of this section, a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.
Reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral;
The risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage;
The secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and
The secured party may use or operate the collateral:
For the purpose of preserving the collateral or its value;
As permitted by an order of a court having competent jurisdiction; or
May hold as additional security any proceeds, except money or funds, received from the collateral;
Shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and
May create a security interest in the collateral.
Subsection (a) of this section does not apply unless the secured party is entitled under an agreement:
To charge back uncollected collateral; or
Subsections (b) and (c) of this section do not apply.
[ 2012 c 214 § 1504; 2000 c 250 § 9A-207; ]
Applicability of section. This section applies to cases in which there is no outstanding secured obligation and the secured party is not committed to make advances, incur obligations, or otherwise give value.
A secured party having control of a deposit account under RCW 62A.9A-104(a)(2) shall send to the bank with which the deposit account is maintained an authenticated statement that releases the bank from any further obligation to comply with instructions originated by the secured party;
A secured party having control of a deposit account under RCW 62A.9A-104(a)(3) shall:
Pay the debtor the balance on deposit in the deposit account; or
A secured party, other than a buyer, having control of electronic chattel paper under RCW 62A.9A-105 shall:
Communicate the authoritative copy of the electronic chattel paper to the debtor or its designated custodian;
If the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic chattel paper is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
A secured party having control of investment property under RCW 62A.8-106(4)(b) or 62A.9A-106(b) shall send to the securities intermediary or commodity intermediary with which the security entitlement or commodity contract is maintained an authenticated record that releases the securities intermediary or commodity intermediary from any further obligation to comply with entitlement orders or directions originated by the secured party;
A secured party having control of a letter-of-credit right under RCW 62A.9A-107 shall send to each person having an unfulfilled obligation to pay or deliver proceeds of the letter of credit to the secured party an authenticated release from any further obligation to pay or deliver proceeds of the letter of credit to the secured party; and
A secured party having control of an electronic document shall:
Give control of the electronic document to the debtor or its designated custodian;
If the debtor designates a custodian that is the designated custodian with which the authoritative copy of the electronic document is maintained for the secured party, communicate to the custodian an authenticated record releasing the designated custodian from any further obligation to comply with instructions originated by the secured party and instructing the custodian to comply with instructions originated by the debtor; and
[ 2012 c 214 § 1505; 2001 c 32 § 21; 2000 c 250 § 9A-208; ]
There is no outstanding secured obligation; and
The secured party is not committed to make advances, incur obligations, or otherwise give value.
Duties of secured party after receiving demand from debtor. Within ten days after receiving an authenticated demand by the debtor, a secured party shall send to an account debtor that has received notification of an assignment to the secured party as assignee under RCW 62A.9A-406(a) an authenticated record that releases the account debtor from any further obligation to the secured party.
Inapplicability to sales. This section does not apply to an assignment constituting the sale of an account, chattel paper, or payment intangible.
[ 2011 c 74 § 707; 2000 c 250 § 9A-209; ]
"Request" means a record of a type described in (2), (3), or (4) of this subsection.
"Request for an accounting" means a record authenticated by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifying the transaction or relationship that is the subject of the request.
"Request regarding a list of collateral" means a record authenticated by a debtor requesting that the recipient approve or correct a list of what the debtor believes to be the collateral securing an obligation and reasonably identifying the transaction or relationship that is the subject of the request.
"Request regarding a statement of account" means a record authenticated by a debtor requesting that the recipient approve or correct a statement indicating what the debtor believes to be the aggregate amount of unpaid obligations secured by collateral as of a specified date and reasonably identifying the transaction or relationship that is the subject of the request.
In the case of a request for an accounting, by authenticating and sending to the debtor an accounting; and
In the case of a request regarding a list of collateral or a request regarding a statement of account, by authenticating and sending to the debtor an approval or correction.
Request regarding list of collateral; statement concerning type of collateral. A secured party that claims a security interest in all of a particular type of collateral owned by the debtor may comply with a request regarding a list of collateral by sending to the debtor an authenticated record including a statement to that effect within fourteen days after receipt.
Request regarding list of collateral; no interest claimed. A person that receives a request regarding a list of collateral, claims no interest in the collateral when it receives the request, and claimed an interest in the collateral at an earlier time shall comply with the request within fourteen days after receipt by sending to the debtor an authenticated record:
Disclaiming any interest in the collateral; and
If known to the recipient, providing the name and mailing address of any assignee of, or successor to, the recipient's interest in the collateral.
Disclaiming any interest in the obligations; and
If known to the recipient, providing the name and mailing address of any assignee of, or successor to, the recipient's interest in the obligations.
[ 2000 c 250 § 9A-210; ]
Except as otherwise provided in RCW 62A.9A-303 through 62A.9A-306, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:
Except as otherwise provided in this section, while a debtor is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral.
While collateral is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a possessory security interest in that collateral.
Except as otherwise provided in subsection (4) of this section, while tangible negotiable documents, goods, instruments, money, or tangible chattel paper is located in a jurisdiction, the local law of that jurisdiction governs:
Perfection of a security interest in the goods by filing a fixture filing;
Perfection of a security interest in timber to be cut; and
The local law of the jurisdiction in which the wellhead or minehead is located governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in as-extracted collateral.
[ 2012 c 214 § 1506; 2001 c 32 § 22; 2000 c 250 § 9A-301; ]
While farm products are located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of an agricultural lien on the farm products.
[ 2000 c 250 § 9A-302; ]
Applicability of section. This section applies to goods covered by a certificate of title, even if there is no other relationship between the jurisdiction under whose certificate of title the goods are covered and the goods or the debtor.
When goods covered by certificate of title. Goods become covered by a certificate of title when a valid application for the certificate of title and the applicable fee are delivered to the appropriate authority. Goods cease to be covered by a certificate of title at the earlier of the time the certificate of title ceases to be effective under the law of the issuing jurisdiction or the time the goods become covered subsequently by a certificate of title issued by another jurisdiction.
Applicable law. The local law of the jurisdiction under whose certificate of title the goods are covered governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in goods covered by a certificate of title from the time the goods become covered by the certificate of title until the goods cease to be covered by the certificate of title.
[ 2000 c 250 § 9A-303; ]
Law of bank's jurisdiction governs. The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank.
If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of this part, this Article, or the Uniform Commercial Code, that jurisdiction is the bank's jurisdiction.
If (1) of this subsection does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
If neither (1) nor (2) of this subsection applies and an agreement between the bank and its customer governing the deposit account expressly provides that the deposit account is maintained at an office in a particular jurisdiction, that jurisdiction is the bank's jurisdiction.
If (1) through (3) of this subsection do not apply, the bank's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the customer's account is located.
If (1) through (4) of this subsection do not apply, the bank's jurisdiction is the jurisdiction in which the chief executive office of the bank is located.
[ 2000 c 250 § 9A-304; ]
While a security certificate is located in a jurisdiction, the local law of that jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in the certificated security represented thereby.
The local law of the issuer's jurisdiction as specified in RCW 62A.8-110(4) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in an uncertificated security.
The local law of the securities intermediary's jurisdiction as specified in RCW 62A.8-110(5) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a security entitlement or securities account.
The local law of the commodity intermediary's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a commodity contract or commodity account.
If an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that a particular jurisdiction is the commodity intermediary's jurisdiction for purposes of this part, this Article, or the Uniform Commercial Code, that jurisdiction is the commodity intermediary's jurisdiction.
If (1) of this subsection does not apply and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the agreement is governed by the law of a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
If neither (1) nor (2) of this subsection applies and an agreement between the commodity intermediary and commodity customer governing the commodity account expressly provides that the commodity account is maintained at an office in a particular jurisdiction, that jurisdiction is the commodity intermediary's jurisdiction.
If (1) through (3) of this subsection do not apply, the commodity intermediary's jurisdiction is the jurisdiction in which the office identified in an account statement as the office serving the commodity customer's account is located.
If (1) through (4) of this subsection do not apply, the commodity intermediary's jurisdiction is the jurisdiction in which the chief executive office of the commodity intermediary is located.
Perfection of a security interest in investment property by filing;
Automatic perfection of a security interest in investment property created by a broker or securities intermediary; and
Automatic perfection of a security interest in a commodity contract or commodity account created by a commodity intermediary.
[ 2001 c 32 § 23; 2000 c 250 § 9A-305; ]
Governing law: Issuer's or nominated person's jurisdiction. Subject to subsection (c) of this section, the local law of the issuer's jurisdiction or a nominated person's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a letter-of-credit right if the issuer's jurisdiction or nominated person's jurisdiction is a state.
Issuer's or nominated person's jurisdiction. For purposes of this part, an issuer's jurisdiction or nominated person's jurisdiction is the jurisdiction whose law governs the liability of the issuer or nominated person with respect to the letter-of-credit right as provided in RCW 62A.5-116.
When section not applicable. This section does not apply to a security interest that is perfected only under RCW 62A.9A-308(d).
[ 2001 c 32 § 24; 2000 c 250 § 9A-306; ]
"Place of business." In this section, "place of business" means a place where a debtor conducts its affairs.
A debtor who is an individual is located at the individual's principal residence.
A debtor that is an organization and has only one place of business is located at its place of business.
A debtor that is an organization and has more than one place of business is located at its chief executive office.
Limitation of applicability of subsection (b) of this section. Subsection (b) of this section applies only if a debtor's residence, place of business, or chief executive office, as applicable, is located in a jurisdiction whose law generally requires information concerning the existence of a nonpossessory security interest to be made generally available in a filing, recording, or registration system as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. If subsection (b) of this section does not apply, the debtor is located in the District of Columbia.
Continuation of location: Cessation of existence, etc. A person that ceases to exist, have a residence, or have a place of business continues to be located in the jurisdiction specified by subsections (b) and (c) of this section.
Location of registered organization organized under state law. A registered organization that is organized under the law of a state is located in that state.
Location of registered organization organized under federal law; bank branches and agencies. Except as otherwise provided in subsection (i) of this section, a registered organization that is organized under the law of the United States and a branch or agency of a bank that is not organized under the law of the United States or a state are located:
In the state that the law of the United States designates, if the law designates a state of location;
In the state that the registered organization, branch, or agency designates, if the law of the United States authorizes the registered organization, branch, or agency to designate its state of location, including by designating its main office, home office, or other comparable office; or
In the District of Columbia, if neither (1) or (2) of this subsection applies.
The suspension, revocation, forfeiture, or lapse of the registered organization's status as such in its jurisdiction of organization; or
The dissolution, winding up, or cancellation of the existence of the registered organization.
Location of United States. The United States is located in the District of Columbia.
Location of foreign bank branch or agency if licensed in only one state. A branch or agency of a bank that is not organized under the law of the United States or a state is located in the state in which the branch or agency is licensed, if all branches and agencies of the bank are licensed in only one state.
Location of foreign air carrier. A foreign air carrier under the Federal Aviation Act of 1958, as amended, is located at the designated office of the agent upon which service of process may be made on behalf of the carrier.
Section applies only to this part. This section applies only for purposes of this part.
[ 2011 c 74 § 201; 2000 c 250 § 9A-307; ]
Perfection of security interest.Except as otherwise provided in this section and RCW 62A.9A-309, a security interest is perfected if it has attached and all of the applicable requirements for perfection in RCW 62A.9A-310 through 62A.9A-316 have been satisfied. A security interest is perfected when it attaches if the applicable requirements are satisfied before the security interest attaches.
Perfection of agricultural lien. An agricultural lien is perfected if it has become effective and all of the applicable requirements for perfection in RCW 62A.9A-310 have been satisfied. An agricultural lien is perfected when it becomes effective if the applicable requirements are satisfied before the agricultural lien becomes effective.
Continuous perfection; perfection by different methods. A security interest or agricultural lien is perfected continuously if it is originally perfected by one method under this Article and is later perfected by another method under this Article, without an intermediate period when it was unperfected.
Supporting obligation. Perfection of a security interest in collateral also perfects a security interest in a supporting obligation for the collateral.
Lien securing right to payment. Perfection of a security interest in a right to payment or performance also perfects a security interest in a security interest, mortgage, or other lien on personal or real property securing the right.
Security entitlement carried in securities account. Perfection of a security interest in a securities account also perfects a security interest in the security entitlements carried in the securities account.
Commodity contract carried in commodity account. Perfection of a security interest in a commodity account also perfects a security interest in the commodity contracts carried in the commodity account.
[ 2000 c 250 § 9A-308; ]
The following security interests are perfected when they attach:
A purchase-money security interest in consumer goods, except as otherwise provided in RCW 62A.9A-311(b) with respect to consumer goods that are subject to a statute or treaty described in RCW 62A.9A-311(a);
An assignment of accounts or payment intangibles which does not by itself or in conjunction with other assignments to the same assignee transfer more than fifty thousand dollars, or ten percent of the total amount of the assignor's outstanding accounts and payment intangibles;
A sale of a payment intangible;
A sale of a promissory note;
A security interest created by the assignment of a health-care-insurance receivable to the provider of the health-care goods or services;
A security interest arising under RCW 62A.2-401, 62A.2-505, 62A.2-711(3), or 62A.2A-508(5), until the debtor obtains possession of the collateral;
A security interest of a collecting bank arising under RCW 62A.4-210;
A security interest of an issuer or nominated person arising under RCW 62A.5-118;
A security interest arising in the delivery of a financial asset under RCW 62A.9A-206(c);
A security interest in investment property created by a broker or securities intermediary;
A security interest in a commodity contract or a commodity account created by a commodity intermediary;
An assignment for the benefit of all creditors of the transferor and subsequent transfers by the assignee thereunder; and
A security interest created by an assignment of a beneficial interest in a decedent's estate.
[ 2011 c 74 § 708; 2000 c 250 § 9A-309; ]
General rule: Perfection by filing. Except as otherwise provided in subsections (b) and (d) of this section and RCW 62A.9A-312(b), a financing statement must be filed to perfect all security interests and agricultural liens.
That is perfected under RCW 62A.9A-308 (d), (e), (f), or (g);
That is perfected under RCW 62A.9A-309 when it attaches;
In property subject to a statute, regulation, or treaty described in RCW 62A.9A-311(a);
In goods in possession of a bailee which is perfected under RCW 62A.9A-312(d) (1) or (2);
In certificated securities, documents, goods, or instruments which is perfected without filing, control, or possession under RCW 62A.9A-312 (e), (f), or (g);
In collateral in the secured party's possession under RCW 62A.9A-313;
In a certificated security which is perfected by delivery of the security certificate to the secured party under RCW 62A.9A-313;
In deposit accounts, electronic chattel paper, electronic documents, investment property, or letter-of-credit rights which is perfected by control under RCW 62A.9A-314;
In proceeds which is perfected under RCW 62A.9A-315; or
That is perfected under RCW 62A.9A-316.
Assignment of perfected security interest. If a secured party assigns a perfected security interest or agricultural lien, a filing under this Article is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.
Further exception: Filing not necessary for handler's lien. The filing of a financing statement is not necessary to perfect the agricultural lien of a handler on orchard crops as provided in RCW 60.11.020(3).
[ 2012 c 214 § 1508; 2012 c 214 § 1507; 2011 c 74 § 709; 2000 c 250 § 9A-310; ]
A statute, regulation, or treaty of the United States whose requirements for a security interest's obtaining priority over the rights of a lien creditor with respect to the property preempt RCW 62A.9A-310(a);
RCW 46.12.675 or 88.02.520, or *chapter 65.12 RCW; or
A statute of another jurisdiction which provides for a security interest to be indicated on a certificate of title as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the property.
Compliance with other law. Compliance with the requirements of a statute, regulation, or treaty described in subsection (a) of this section for obtaining priority over the rights of a lien creditor is equivalent to the filing of a financing statement under this Article. Except as otherwise provided in subsection (d) of this section, RCW 62A.9A-313, and 62A.9A-316 (d) and (e) for goods covered by a certificate of title, a security interest in property subject to a statute, regulation, or treaty described in subsection (a) of this section may be perfected only by compliance with those requirements, and a security interest so perfected remains perfected notwithstanding a change in the use or transfer of possession of the collateral.
Duration and renewal of perfection. Except as otherwise provided in subsection (d) of this section and RCW 62A.9A-316 (d) and (e), duration and renewal of perfection of a security interest perfected by compliance with the requirements prescribed by a statute, regulation, or treaty described in subsection (a) of this section are governed by the statute, regulation, or treaty. In other respects, the security interest is subject to this Article.
Inapplicability to certain inventory. During any period in which collateral subject to RCW 46.12.675 or 88.02.520, or *chapter 65.12 RCW is inventory held for sale or lease by a person or leased by that person as lessor and that person is in the business of selling goods of that kind, this section does not apply to a security interest in that collateral created by that person.
[ 2011 c 74 § 202; 2010 c 161 § 1151; 2001 c 32 § 25; 2000 c 250 § 9A-311; ]
Perfection by filing permitted. A security interest in chattel paper, negotiable documents, instruments, or investment property may be perfected by filing.
A security interest in a deposit account may be perfected only by control under RCW 62A.9A-314;
And except as otherwise provided in RCW 62A.9A-308(d), a security interest in a letter-of-credit right may be perfected only by control under RCW 62A.9A-314; and
A security interest in money may be perfected only by the secured party's taking possession under RCW 62A.9A-313.
A security interest in the goods may be perfected by perfecting a security interest in the document; and
A security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time.
Issuance of a document in the name of the secured party;
The bailee's receipt of notification of the secured party's interest; or
Filing as to the goods.
Temporary perfection: New value. A security interest in certificated securities, negotiable documents, or instruments is perfected without filing or the taking of possession or control for a period of twenty days from the time it attaches to the extent that it arises for new value given under an authenticated security agreement.
Temporary perfection: Goods or documents made available to debtor. A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for twenty days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:
Ultimate sale or exchange; or
Loading, unloading, storing, shipping, transshipping, manufacturing, processing, or otherwise dealing with them in a manner preliminary to their sale or exchange.
Ultimate sale or exchange; or
Presentation, collection, enforcement, renewal, or registration of transfer.
[ 2012 c 214 § 1509; 2000 c 250 § 9A-312; ]
Perfection by possession or delivery. Except as otherwise provided in subsection (b) of this section, a secured party may perfect a security interest in tangible negotiable documents, goods, instruments, money, or tangible chattel paper by taking possession of the collateral. A secured party may perfect a security interest in certificated securities by taking delivery of the certificated securities under RCW 62A.8-301.
Goods covered by certificate of title. With respect to goods covered by a certificate of title issued by this state, a secured party may perfect a security interest in the goods by taking possession of the goods only in the circumstances described in RCW 62A.9A-316(d).
Collateral in possession of person other than debtor. With respect to collateral other than certificated securities and goods covered by a document, a secured party takes possession of collateral in the possession of a person other than the debtor, the secured party, or a lessee of the collateral from the debtor in the ordinary course of the debtor's business, when:
The person in possession authenticates a record acknowledging that it holds possession of the collateral for the secured party's benefit; or
The person takes possession of the collateral after having authenticated a record acknowledging that it will hold possession of collateral for the secured party's benefit.
Time of perfection by possession; continuation of perfection. If perfection of a security interest depends upon possession of the collateral by a secured party, perfection occurs no earlier than the time the secured party takes possession and continues only while the secured party retains possession.
Time of perfection by delivery; continuation of perfection. A security interest in a certificated security in registered form is perfected by delivery when delivery of the certificated security occurs under RCW 62A.8-301 and remains perfected by delivery until the debtor obtains possession of the security certificate.
Acknowledgment not required. A person in possession of collateral is not required to acknowledge that it holds possession for a secured party's benefit.
Effectiveness of acknowledgment; no duties or confirmation. If a person acknowledges that it holds possession for the secured party's benefit:
The acknowledgment is effective under subsection (c) of this section or RCW 62A.8-301(1), even if the acknowledgment violates the rights of a debtor; and
Unless the person otherwise agrees or law other than this Article otherwise provides, the person does not owe any duty to the secured party and is not required to confirm the acknowledgment to another person.
To hold possession of the collateral for the secured party's benefit; or
To redeliver the collateral to the secured party.
[ 2012 c 214 § 1511; 2012 c 214 § 1510; 2011 c 74 § 710; 2001 c 32 § 26; 2000 c 250 § 9A-313; ]
Perfection by control. A security interest in investment property, deposit accounts, letter-of-credit rights, electronic chattel paper, or electronic documents may be perfected by control of the collateral under RCW 62A.7-106, 62A.9A-104, 62A.9A-105, 62A.9A-106, or 62A.9A-107.
Specified collateral: Time of perfection by control; continuation of perfection. A security interest in deposit accounts, electronic chattel paper, letter-of-credit rights, or electronic documents is perfected by control under RCW 62A.7-106, 62A.9A-104, 62A.9A-105, or 62A.9A-107 when the secured party obtains control and remains perfected by control only while the secured party retains control.
Investment property: Time of perfection by control; continuation of perfection. A security interest in investment property is perfected by control under RCW 62A.9A-106 from the time the secured party obtains control and remains perfected by control until:
The secured party does not have control; and
One of the following occurs:
If the collateral is a certificated security, the debtor has or acquires possession of the security certificate;
If the collateral is an uncertificated security, the issuer has registered or registers the debtor as the registered owner; or
[ 2012 c 214 § 1512; 2000 c 250 § 9A-314; ]
A security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and
A security interest attaches to any identifiable proceeds of collateral.
If the proceeds are goods, to the extent provided by RCW 62A.9A-336; and
If the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than this Article with respect to commingled property of the type involved.
Perfection of security interest in proceeds. A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.
Continuation of perfection. A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:
The following conditions are satisfied:
A filed financing statement covers the original collateral;
The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed; and
The proceeds are identifiable cash proceeds; or
The security interest in the proceeds is perfected other than under subsection (c) of this section when the security interest attaches to the proceeds or within twenty days thereafter.
When the effectiveness of the filed financing statement lapses under RCW 62A.9A-515 or is terminated under RCW 62A.9A-513; or
The twenty-first day after the security interest attaches to the proceeds.
[ 2000 c 250 § 9A-315; ]
The time perfection would have ceased under the law of that jurisdiction;
The expiration of four months after a change of the debtor's location to another jurisdiction; or
The expiration of one year after a transfer of collateral to a person that thereby becomes a debtor and is located in another jurisdiction.
Security interest perfected or unperfected under law of new jurisdiction. If a security interest described in subsection (a) of this section becomes perfected under the law of the other jurisdiction before the earliest time or event described in subsection (a) of this section, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earliest time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
Possessory security interest in collateral moved to new jurisdiction. A possessory security interest in collateral, other than goods covered by a certificate of title and as-extracted collateral consisting of goods, remains continuously perfected if:
The collateral is located in one jurisdiction and subject to a security interest perfected under the law of that jurisdiction;
Thereafter the collateral is brought into another jurisdiction; and
Upon entry into the other jurisdiction, the security interest is perfected under the law of the other jurisdiction.
Goods covered by certificate of title from this state. Except as otherwise provided in subsection (e) of this section, a security interest in goods covered by a certificate of title which is perfected by any method under the law of another jurisdiction when the goods become covered by a certificate of title from this state remains perfected until the security interest would have become unperfected under the law of the other jurisdiction had the goods not become so covered.
When subsection (d) security interest becomes unperfected against purchasers. A security interest described in subsection (d) of this section becomes unperfected as against a purchaser of the goods for value and is deemed never to have been perfected as against a purchaser of the goods for value if the applicable requirements for perfection under RCW 62A.9A-311(b) or 62A.9A-313 are not satisfied before the earlier of:
The time the security interest would have become unperfected under the law of the other jurisdiction had the goods not become covered by a certificate of title from this state; or
The expiration of four months after the goods had become so covered.
The time the security interest would have become unperfected under the law of that jurisdiction; or
The expiration of four months after a change of the applicable jurisdiction to another jurisdiction.
Subsection (f) of this section security interestperfected or unperfected under law of new jurisdiction. If a security interest described in subsection (f) of this section becomes perfected under the law of the other jurisdiction before the earlier of the time or the end of the period described in subsection (f) of this section, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earlier of that time or the end of that period, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
Effect on filed financing statement of change in governing law. The following rules apply to collateral to which a security interest attaches within four months after the debtor changes its location to another jurisdiction:
A financing statement filed before the change pursuant to the law of the jurisdiction designated in RCW 62A.9A-301(1) or 62A.9A-305(c) is effective to perfect a security interest in the collateral if the financing statement would have been effective to perfect a security interest in the collateral had the debtor not changed its location.
If a security interest perfected by a financing statement that is effective under (1) of this subsection (h) becomes perfected under the law of the other jurisdiction before the earlier of the time the financing statement would have become ineffective under the law of the jurisdiction designated in RCW 62A.9A-301(1) or 62A.9A-305(c) or the expiration of the four-month period, it remains perfected thereafter. If the security interest does not become perfected under the law of the other jurisdiction before the earlier time or event, it becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under RCW 62A.9A-203(d), if the financing statement would have been effective to perfect a security interest in the collateral had the collateral been acquired by the original debtor.
A security interest perfected by the financing statement and which becomes perfected under the law of the other jurisdiction before the earlier of the time the financing statement would have become ineffective under the law of the jurisdiction designated in RCW 62A.9A-301(1) or 62A.9A-305(c) or the expiration of the four-month period remains perfected thereafter. A security interest that is perfected by the financing statement but which does not become perfected under the law of the other jurisdiction before the earlier time or event becomes unperfected and is deemed never to have been perfected as against a purchaser of the collateral for value.
[ 2011 c 74 § 203; 2000 c 250 § 9A-316; ]
A person entitled to priority under RCW 62A.9A-322; and
Except as otherwise provided in subsection (e) of this section, a person that becomes a lien creditor before the earlier of the time:
The security interest or agricultural lien is perfected; or
Buyers that receive delivery. Except as otherwise provided in subsection (e) of this section, a buyer, other than a secured party, of tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest or agricultural lien if the buyer gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
Lessees that receive delivery. Except as otherwise provided in subsection (e) of this section, a lessee of goods takes free of a security interest or agricultural lien if the lessee gives value and receives delivery of the collateral without knowledge of the security interest or agricultural lien and before it is perfected.
Licensees and buyers of certain collateral. A licensee of a general intangible or a buyer, other than a secured party, of collateral other than tangible chattel paper, tangible documents, goods, instruments, or a certificated security takes free of a security interest if the licensee or buyer gives value without knowledge of the security interest and before it is perfected.
Purchase-money security interest. Except as otherwise provided in RCW 62A.9A-320 and 62A.9A-321, if a person files a financing statement with respect to a purchase-money security interest before or within twenty days after the debtor receives delivery of the collateral, the security interest takes priority over the rights of a buyer, lessee, or lien creditor which arise between the time the security interest attaches and the time of filing.
[ 2012 c 214 § 1514; 2012 c 214 § 1513; 2011 c 74 § 204; 2001 c 32 § 27; 2000 c 250 § 9A-317; ]
Seller retains no interest. A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold.
[ 2000 c 250 § 9A-318; ]
Consignee has consignor's rights. Except as otherwise provided in subsection (b) of this section, for purposes of determining the rights of creditors of, and purchasers for value of goods from, a consignee, while the goods are in the possession of the consignee, the consignee is deemed to have rights and title to the goods identical to those the consignor had or had power to transfer.
[ 2000 c 250 § 9A-319; ]
Buyer in ordinary course of business. Except as otherwise provided in subsection (e) of this section, a buyer in ordinary course of business, other than a person buying farm products from a person engaged in farming operations, takes free of a security interest created by the buyer's seller, even if the security interest is perfected and the buyer knows of its existence.
Without knowledge of the security interest;
For value;
Primarily for the buyer's personal, family, or household purposes; and
Before the filing of a financing statement covering the goods.
Effectiveness of filing for subsection (b) of this section. To the extent that it affects the priority of a security interest over a buyer of goods under subsection (b) of this section, the period of effectiveness of a filing made in the jurisdiction in which the seller is located is governed by RCW 62A.9A-316 (a) and (b).
Buyer in ordinary course of business at wellhead or minehead. A buyer in ordinary course of business buying oil, gas, or other minerals at the wellhead or minehead or after extraction takes free of an interest arising out of an encumbrance.
Possessory security interest not affected. Subsections (a) and (b) of this section do not affect a security interest in goods in the possession of the secured party under RCW 62A.9A-313.
[ 2011 c 74 § 711; 2000 c 250 § 9A-320; ]
"Licensee in ordinary course of business." In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor's own usual or customary practices.
Rights of licensee in ordinary course of business.A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence.
Rights of lessee in ordinary course of business. A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence.
[ 2000 c 250 § 9A-321; ]
Conflicting perfected security interests and agricultural liens rank according to priority in time of filing or perfection. Priority dates from the earlier of the time a filing covering the collateral is first made or the security interest or agricultural lien is first perfected, if there is no period thereafter when there is neither filing nor perfection.
A perfected security interest or agricultural lien has priority over a conflicting unperfected security interest or agricultural lien.
The first security interest or agricultural lien to attach or become effective has priority if conflicting security interests and agricultural liens are unperfected.
The time of filing or perfection as to a security interest in collateral is also the time of filing or perfection as to a security interest in proceeds; and
The time of filing or perfection as to a security interest in collateral supported by a supporting obligation is also the time of filing or perfection as to a security interest in the supporting obligation.
Any supporting obligation for the collateral; and
Proceeds of the collateral if:
The security interest in proceeds is perfected;
The proceeds are cash proceeds or of the same type as the collateral; and
First-to-file priority rule for certain collateral. Subject to subsection (e) of this section and except as otherwise provided in subsection (f) of this section, if a security interest in chattel paper, deposit accounts, negotiable documents, instruments, investment property, or letter-of-credit rights is perfected by a method other than filing, conflicting perfected security interests in proceeds of the collateral rank according to priority in time of filing.
Applicability of subsection (d) of this section. Subsection (d) of this section applies only if the proceeds of the collateral are not cash proceeds, chattel paper, negotiable documents, instruments, investment property, or letter-of-credit rights.
Limitations on subsections (a) through (e) of this section. Subsections (a) through (e) of this section are subject to:
Subsection (g) of this section and the other provisions of this part;
RCW 62A.4-210 with respect to a security interest of a collecting bank;
RCW 62A.5-118 with respect to a security interest of an issuer or nominated person; and
RCW 62A.9A-110 with respect to a security interest arising under Article 2 or 2A.
[ 2001 c 32 § 28; 2000 c 250 § 9A-322; ]
Is made while the security interest is perfected only:
Under RCW 62A.9A-309 when it attaches; or
Is not made pursuant to a commitment entered into before or while the security interest is perfected by a method other than under RCW 62A.9A-309 or 62A.9A-312 (e), (f), or (g).
Without knowledge of the lien; or
Pursuant to a commitment entered into without knowledge of the lien.
Buyer of receivables. Subsections (a) and (b) of this section do not apply to a security interest held by a secured party that is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor.
Buyer of goods. Except as otherwise provided in subsection (e) of this section, a buyer of goods other than a buyer in ordinary course of business takes free of a security interest to the extent that it secures advances made after the earlier of:
The time the secured party acquires knowledge of the buyer's purchase; or
Forty-five days after the purchase.
Advances made pursuant to commitment: Priority of buyer of goods. Subsection (d) of this section does not apply if the advance is made pursuant to a commitment entered into without knowledge of the buyer's purchase and before the expiration of the forty-five day period.
Lessee of goods. Except as otherwise provided in subsection (g) of this section, a lessee of goods, other than a lessee in ordinary course of business, takes the leasehold interest free of a security interest to the extent that it secures advances made after the earlier of:
The time the secured party acquires knowledge of the lease; or
Forty-five days after the lease contract becomes enforceable.
[ 2000 c 250 § 9A-323; ]
General rule: Purchase-money priority. Except as otherwise provided in subsection (g) of this section, a perfected purchase-money security interest in goods other than inventory or livestock has priority over a conflicting security interest in the same goods, and, except as otherwise provided in RCW 62A.9A-327, a perfected security interest in its identifiable proceeds also has priority, if the purchase-money security interest is perfected when the debtor receives possession of the collateral or within twenty days thereafter.
The purchase-money security interest is perfected when the debtor receives possession of the inventory;
The purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest;
The holder of the conflicting security interest receives the notification within five years before the debtor receives possession of the inventory; and
The notification states that the person sending the notification has or expects to acquire a purchase-money security interest in inventory of the debtor and describes the inventory.
If the purchase-money security interest is perfected by filing, before the date of the filing; or
If the purchase-money security interest is temporarily perfected without filing or possession under RCW 62A.9A-312(f), before the beginning of the twenty-day period thereunder.
The purchase-money security interest is perfected when the debtor receives possession of the livestock;
The purchase-money secured party sends an authenticated notification to the holder of the conflicting security interest;
The holder of the conflicting security interest receives the notification within six months before the debtor receives possession of the livestock; and
The notification states that the person sending the notification has or expects to acquire a purchase-money security interest in livestock of the debtor and describes the livestock.
If the purchase-money security interest is perfected by filing, before the date of the filing; or
If the purchase-money security interest is temporarily perfected without filing or possession under RCW 62A.9A-312(f), before the beginning of the twenty-day period thereunder.
Software purchase-money priority. Except as otherwise provided in subsection (g) of this section, a perfected purchase-money security interest in software has priority over a conflicting security interest in the same collateral, and, except as otherwise provided in RCW 62A.9A-327, a perfected security interest in its identifiable proceeds also has priority, to the extent that the purchase-money security interest in the goods in which the software was acquired for use has priority in the goods and proceeds of the goods under this section.
Conflicting purchase-money security interests. If more than one security interest qualifies for priority in the same collateral under subsection (a), (b), (d), or (f) of this section:
A security interest securing an obligation incurred as all or part of the price of the collateral has priority over a security interest securing an obligation incurred for value given to enable the debtor to acquire rights in or the use of collateral; and
In all other cases, RCW 62A.9A-322(a) applies to the qualifying security interests.
[ 2000 c 250 § 9A-324; ]
The debtor acquired the collateral subject to the security interest created by the other person;
The security interest created by the other person was perfected when the debtor acquired the collateral; and
There is no period thereafter when the security interest is unperfected.
Otherwise would have priority solely under RCW 62A.9A-322(a) or 62A.9A-324; or
Arose solely under RCW 62A.2-711(3) or 62A.2A-508(5).
[ 2000 c 250 § 9A-325; ]
Subordination of security interest created by new debtor. Subject to subsection (b) of this section, a security interest that is created by a new debtor in collateral in which the new debtor has or acquires rights and is perfected solely by a filed financing statement that would be ineffective to perfect the security interest but for the application of RCW 62A.9A-316(i)(1) or 62A.9A-508 is subordinate to a security interest in the same collateral which is perfected other than by such a filed financing statement.
[ 2011 c 74 § 205; 2000 c 250 § 9A-326; ]
The following rules govern priority among conflicting security interests in the same deposit account:
A security interest held by a secured party having control of the deposit account under RCW 62A.9A-104 has priority over a conflicting security interest held by a secured party that does not have control.
Except as otherwise provided in [subsections] (3) and (4) of this section, security interests perfected by control under RCW 62A.9A-314 rank according to priority in time of obtaining control.
Except as otherwise provided in [subsection] (4) of this section, a security interest held by the bank with which the deposit account is maintained has priority over a conflicting security interest held by another secured party.
A security interest perfected by control under RCW 62A.9A-104(a)(3) has priority over a security interest held by the bank with which the deposit account is maintained.
[ 2000 c 250 § 9A-327; ]
The following rules govern priority among conflicting security interests in the same investment property:
A security interest held by a secured party having control of investment property under RCW 62A.9A-106 has priority over a security interest held by a secured party that does not have control of the investment property.
Except as otherwise provided in subsections (3) and (4) of this section, conflicting security interests held by secured parties each of which has control under RCW 62A.9A-106 rank according to priority in time of:
If the collateral is a security, obtaining control;
If the secured party obtained control under RCW 62A.8-106(4)(a), the secured party's becoming the person for which the securities account is maintained;
If the secured party obtained control under RCW 62A.8-106(4)(b), the securities intermediary's agreement to comply with the secured party's entitlement orders with respect to security entitlements carried or to be carried in the securities account; or
If the secured party obtained control through another person under RCW 62A.8-106(4)(c), the time on which priority would be based under this paragraph if the other person were the secured party; or
A security interest held by a securities intermediary in a security entitlement or a securities account maintained with the securities intermediary has priority over a conflicting security interest held by another secured party.
A security interest held by a commodity intermediary in a commodity contract or a commodity account maintained with the commodity intermediary has priority over a conflicting security interest held by another secured party.
A security interest in a certificated security in registered form which is perfected by taking delivery under RCW 62A.9A-313(a) and not by control under RCW 62A.9A-314 has priority over a conflicting security interest perfected by a method other than control.
Conflicting security interests created by a broker, securities intermediary, or commodity intermediary which are perfected without control under RCW 62A.9A-106 rank equally.
In all other cases, priority among conflicting security interests in investment property is governed by RCW 62A.9A-322 and 62A.9A-323.
[ 2011 c 74 § 712; 2001 c 32 § 29; 2000 c 250 § 9A-328; ]
The following rules govern priority among conflicting security interests in the same letter-of-credit right:
A security interest held by a secured party having control of the letter-of-credit right under RCW 62A.9A-107 has priority to the extent of its control over a conflicting security interest held by a secured party that does not have control.
Security interests perfected by control under RCW 62A.9A-314 rank according to priority in time of obtaining control.
[ 2000 c 250 § 9A-329; ]
In good faith and in the ordinary course of the purchaser's business, the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under RCW 62A.9A-105; and
The chattel paper does not indicate that it has been assigned to an identified assignee other than the purchaser.
Purchaser's priority: Other security interests.A purchaser of chattel paper has priority over a security interest in the chattel paper which is claimed other than merely as proceeds of inventory subject to a security interest if the purchaser gives new value and takes possession of the chattel paper or obtains control of the chattel paper under RCW 62A.9A-105 in good faith, in the ordinary course of the purchaser's business, and without knowledge that the purchase violates the rights of the secured party.
Chattel paper purchaser's priority in proceeds.Except as otherwise provided in RCW 62A.9A-327, a purchaser having priority in chattel paper under subsection (a) or (b) of this section also has priority in proceeds of the chattel paper to the extent that:
RCW 62A.9A-322 provides for priority in the proceeds; or
The proceeds consist of the specific goods covered by the chattel paper or cash proceeds of the specific goods, even if the purchaser's security interest in the proceeds is unperfected.
Instrument purchaser's priority. Except as otherwise provided in RCW 62A.9A-331(a), a purchaser of an instrument has priority over a security interest in the instrument perfected by a method other than possession if the purchaser gives value and takes possession of the instrument in good faith and without knowledge that the purchase violates the rights of the secured party.
Holder of purchase-money security interest gives new value. For purposes of subsections (a) and (b) of this section, the holder of a purchase-money security interest in inventory gives new value for chattel paper constituting proceeds of the inventory.
Indication of assignment gives knowledge. For purposes of subsections (b) and (d) of this section, if chattel paper or an instrument indicates that it has been assigned to an identified secured party other than the purchaser, a purchaser of the chattel paper or instrument has knowledge that the purchase violates the rights of the secured party.
[ 2000 c 250 § 9A-330; ]
Rights under Articles 3, 7, and 8 not limited. This Article does not limit the rights of a holder in due course of a negotiable instrument, a holder to which a negotiable document of title has been duly negotiated, or a protected purchaser of a security. These holders or purchasers take priority over an earlier security interest, even if perfected, to the extent provided in Articles 3, 7, and 8.
Protection under Article 8. This Article does not limit the rights of or impose liability on a person to the extent that the person is protected against the assertion of a claim under Article 8.
Filing not notice. Filing under this Article does not constitute notice of a claim or defense to the holders, or purchasers, or persons described in subsections (a) and (b) of this section.
[ 2001 c 32 § 30; 2000 c 250 § 9A-331; ]
Transferee of money. A transferee of money takes the money free of a security interest unless the transferee acts in collusion with the debtor in violating the rights of the secured party.
[ 2000 c 250 § 9A-332; ]
Which secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person's business;
Which is created by statute or rule of law in favor of the person; and
Whose effectiveness depends on the person's possession of the goods.
Priority of possessory lien. A possessory lien on goods has priority over a security interest in the goods only if the lien is created by a statute that expressly so provides.
A preparer lien or processor lien properly created pursuant to chapter 60.13 RCW or a depositor's lien created pursuant to chapter 22.09 RCW takes priority over any perfected or unperfected security interest.
[ 2001 c 32 § 31; 2000 c 250 § 9A-333; ]
Security interest in fixtures under this Article. A security interest under this Article may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under this Article in ordinary building materials incorporated into an improvement on land.
Security interest in fixtures under real-property law. This Article does not prevent creation of an encumbrance upon fixtures under real property law.
General rule: Subordination of security interest in fixtures. In cases not governed by subsections (d) through (h) of this section, a security interest in fixtures is subordinate to a conflicting interest of an encumbrancer or owner of the related real property other than the debtor.
Fixtures purchase-money priority. Except as otherwise provided in subsection (h) of this section, a perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in, or is in possession of, the real property and:
The security interest is a purchase-money security interest;
The interest of the encumbrancer or owner arises before the goods become fixtures; and
The security interest is perfected by a fixture filing before the goods become fixtures or within twenty days thereafter.
The debtor has an interest of record in the real property or is in possession of the real property and the security interest:
Is perfected by a fixture filing before the interest of the encumbrancer or owner is of record; and
Before the goods become fixtures, the security interest is perfected by any method permitted by this Article and the fixtures are readily removable:
Factory or office machines;
Equipment that is not primarily used or leased for use in the operation of the real property; or
The conflicting interest is a lien on the real property obtained by legal or equitable proceedings after the security interest was perfected by any method permitted by this Article.
The encumbrancer or owner has, in an authenticated record, consented to the security interest or disclaimed an interest in the goods as fixtures; or
The debtor has a right to remove the goods as against the encumbrancer or owner.
Continuation of subsection (f)(2) priority. The priority of the security interest under subsection (f)(2) of this section continues for a reasonable time if the debtor's right to remove the goods as against the encumbrancer or owner terminates.
Priority of construction mortgage. A mortgage is a construction mortgage to the extent that it secures an obligation incurred for the construction of an improvement on land, including the acquisition cost of the land, if a recorded record of the mortgage so indicates. Except as otherwise provided in subsections (e) and (f) of this section, a security interest in fixtures is subordinate to a construction mortgage if a record of the mortgage is recorded before the goods become fixtures and the goods become fixtures before the completion of the construction. A mortgage has this priority to the same extent as a construction mortgage to the extent that it is given to refinance a construction mortgage.
Priority of security interest in crops. A perfected security interest in crops growing on real property has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property.
Subsection (i) prevails. Subsection (i) of this section prevails over inconsistent provisions of any other statute except RCW 60.11.050.
[ 2001 c 32 § 32; 2000 c 250 § 9A-334; ]
Creation of security interest in accession. A security interest may be created in an accession and continues in collateral that becomes an accession.
Perfection of security interest. If a security interest is perfected when the collateral becomes an accession, the security interest remains perfected in the collateral.
Priority of security interest. Except as otherwise provided in subsection (d) of this section, the other provisions of this part determine the priority of a security interest in an accession.
Compliance with certificate-of-title statute. 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 RCW 62A.9A-311(b).
Removal of accession after default. After default, subject to Part 6 of this Article, 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.
Reimbursement following removal. A secured party that removes an accession from other goods under subsection (e) of this section 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.
[ 2011 c 74 § 713; 2000 c 250 § 9A-335; ]
"Commingled goods." In this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass.
No security interest in commingled goods as such. A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods.
Attachment of security interest to product or mass. If collateral becomes commingled goods, a security interest attaches to the product or mass.
Perfection of security interest. If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (c) of this section is perfected.
Priority of security interest. Except as otherwise provided in subsection (f) of this section, the other provisions of this part determine the priority of a security interest that attaches to the product or mass under subsection (c) of this section.
Conflicting security interests in product or mass. If more than one security interest attaches to the product or mass under subsection (c) of this section, the following rules determine priority:
A security interest that is perfected under subsection (d) of this section has priority over a security interest that is unperfected at the time the collateral becomes commingled goods.
If more than one security interest is perfected under subsection (d) of this section, the security interests rank equally in proportion to the value of the collateral at the time it became commingled goods.
[ 2001 c 32 § 33; 2000 c 250 § 9A-336; ]
If, while a security interest in goods is perfected by any method under the law of another jurisdiction, this state issues a certificate of title that does not show that the goods are subject to the security interest or contain a statement that they may be subject to security interests not shown on the certificate:
A buyer of the goods, other than a person in the business of selling goods of that kind, takes free of the security interest if the buyer gives value and receives delivery of the goods after issuance of the certificate and without knowledge of the security interest; and
The security interest is subordinate to a conflicting security interest in the goods that attaches, and is perfected under RCW 62A.9A-311(b), after issuance of the certificate and without the conflicting secured party's knowledge of the security interest.
[ 2011 c 74 § 714; 2000 c 250 § 9A-337; ]
If a security interest or agricultural lien is perfected by a filed financing statement providing information described in RCW 62A.9A-516(b)(5) which is incorrect at the time the financing statement is filed:
The security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and
A purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certificate, receives delivery of the collateral.
[ 2012 c 214 § 1516; 2012 c 214 § 1515; 2011 c 74 § 715; 2000 c 250 § 9A-338; ]
This Article does not preclude subordination by agreement by a person entitled to priority.
[ 2000 c 250 § 9A-339; ]
Exercise of recoupment or set-off. Except as otherwise provided in subsection (c) of this section, a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account.
Recoupment or set-off not affected by security interest. Except as otherwise provided in subsection (c) of this section, the application of this Article to a security interest in a deposit account does not affect a right of recoupment or set-off of the secured party as to a deposit account maintained with the secured party.
When set-off ineffective. The exercise by a bank of a set-off against a deposit account is ineffective against a secured party that holds a security interest in the deposit account which is perfected by control under RCW 62A.9A-104(a)(3), if the set-off is based on a claim against the debtor.
[ 2000 c 250 § 9A-340; ]
Except as otherwise provided in RCW 62A.9A-340(c), and unless the bank otherwise agrees in an authenticated record, a bank's rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by:
The creation, attachment, or perfection of a security interest in the deposit account;
The bank's knowledge of the security interest; or
The bank's receipt of instructions from the secured party.
[ 2000 c 250 § 9A-341; ]
This Article does not require a bank to enter into an agreement of the kind described in RCW 62A.9A-104(a)(2), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.
[ 2000 c 250 § 9A-342; ]
Other law governs alienability; exceptions. Except as otherwise provided in subsection (b) of this section and RCW 62A.9A-406, 62A.9A-407, 62A.9A-408, and 62A.9A-409, whether a debtor's rights in collateral may be voluntarily or involuntarily transferred is governed by law other than this Article.
[ 2000 c 250 § 9A-401; ]
The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor's acts or omissions.
[ 2000 c 250 § 9A-402; ]
"Value." In this section, "value" has the meaning provided in RCW 62A.3-303(a).
For value;
In good faith;
Without notice of a claim of a property or possessory right to the property assigned; and
Without notice of a defense or claim in recoupment of the type that may be asserted against a person entitled to enforce a negotiable instrument under RCW 62A.3-305(a).
When subsection (b) of this section not applicable. Subsection (b) of this section does not apply to defenses of a type that may be asserted against a holder in due course of a negotiable instrument under RCW 62A.3-305(b).
Omission of required statement in consumer transaction. In a consumer transaction, if a record evidences the account debtor's obligation, law other than this Article requires that the record include a statement to the effect that the rights of an assignee are subject to claims or defenses that the account debtor could assert against the original obligee, and the record does not include such a statement:
The record has the same effect as if the record included such a statement; and
The account debtor may assert against an assignee those claims and defenses that would have been available if the record included such a statement.
Rule for individual under other law. This section is subject to law other than this Article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
Other law not displaced. Except as otherwise provided in subsection (d) of this section, this section does not displace law other than this Article which gives effect to an agreement by an account debtor not to assert a claim or defense against an assignee.
[ 2000 c 250 § 9A-403; ]
All terms of the agreement between the account debtor and assignor and any defense or claim in recoupment arising from the transaction that gave rise to the contract; and
Any other defense or claim of the account debtor against the assignor which accrues before the account debtor receives a notification of the assignment authenticated by the assignor or the assignee.
Account debtor's claim reduces amount owed to assignee. Subject to subsection (c) of this section, and except as otherwise provided in subsection (d) of this section, the claim of an account debtor against an assignor may be asserted against an assignee under subsection (a) of this section only to reduce the amount the account debtor owes.
Rule for individual under other law. This section is subject to law other than this Article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
Omission of required statement in consumer transaction. In a consumer transaction, if a record evidences the account debtor's obligation, law other than this Article requires that the record include a statement to the effect that the account debtor's recovery against an assignee with respect to claims and defenses against the assignor may not exceed amounts paid by the account debtor under the record, and the record does not include such a statement, the extent to which a claim of an account debtor against the assignor may be asserted against an assignee is determined as if the record included such a statement.
Inapplicability to health-care-insurance receivable. This section does not apply to an assignment of a health-care-insurance receivable.
[ 2000 c 250 § 9A-404; ]
Effect of modification on assignee. A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to subsections (b) through (d) of this section.
The right to payment or a part thereof under an assigned contract has not been fully earned by performance; or
The right to payment or a part thereof has been fully earned by performance and the account debtor has not received notification of the assignment under RCW 62A.9A-406(a).
Rule for individual under other law. This section is subject to law other than this Article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
Inapplicability to health-care-insurance receivable. This section does not apply to an assignment of a health-care-insurance receivable.
[ 2011 c 74 § 716; 2000 c 250 § 9A-405; ]
Discharge of account debtor; effect of notification. Subject to subsections (b) through (j) of this section, an account debtor on an account, chattel paper, or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a notification, authenticated by the assignor or the assignee, that the amount due or to become due has been assigned and that payment is to be made to the assignee. After receipt of the notification, the account debtor may discharge its obligation by paying the assignee and may not discharge the obligation by paying the assignor.
If it does not reasonably identify the rights assigned;
To the extent that an agreement between an account debtor and a seller of a payment intangible limits the account debtor's duty to pay a person other than the seller and the limitation is effective under law other than this Article; or
At the option of an account debtor, if the notification notifies the account debtor to make less than the full amount of any installment or other periodic payment to the assignee, even if:
Only a portion of the account, chattel paper, or payment intangible has been assigned to that assignee;
A portion has been assigned to another assignee; or
Proof of assignment. Subject to subsection (h) of this section, if requested by the account debtor, an assignee shall seasonably furnish reasonable proof that the assignment has been made. Unless the assignee complies, the account debtor may discharge its obligation by paying the assignor, even if the account debtor has received a notification under subsection (a) of this section.
Term restricting assignment generally ineffective. Except as otherwise provided in subsection (e) of this section and RCW 62A.2A-303 and 62A.9A-407, and subject to subsections (h) and (j) of this section, a term in an agreement between an account debtor and an assignor or in a promissory note is ineffective to the extent that it:
Prohibits, restricts, or requires the consent of the account debtor or person obligated on the promissory note to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, the account, chattel paper, payment intangible, or promissory note; or
Provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the account, chattel paper, payment intangible, or promissory note.
Inapplicability of subsection (d) of this section to certain sales. Subsection (d) of this section does not apply to the sale of a payment intangible or promissory note, other than a sale pursuant to a disposition under RCW 62A.9A-610 or an acceptance of collateral under RCW 62A.9A-620.
[Reserved]
Subsection (b)(3) of this section not waivable. Subject to subsection (h) of this section, an account debtor may not waive or vary its option under subsection (b)(3) of this section.
Rule for individual under other law. This section is subject to law other than this Article which establishes a different rule for an account debtor who is an individual and who incurred the obligation primarily for personal, family, or household purposes.
Inapplicability to health-care-insurance receivable. This section does not apply to an assignment of a health-care-insurance receivable.
[Empty]
Inapplicability of subsection (d) of this section to certain transactions. After July 1, 2003, subsection (d) of this section does not apply to the assignment or transfer of or creation of a security interest in:
A claim or right to receive compensation for injuries or sickness as described in 26 U.S.C. Sec. 104(a)(1) or (2); or
This subsection will not affect a transfer of structured settlement payment rights under chapter 19.205 RCW.
[ 2011 c 74 § 301; 2003 c 87 § 1; 2001 c 32 § 34; 2000 c 250 § 9A-406; ]
Prohibits, restricts, or requires the consent of a party to the lease to the assignment or transfer of, or the creation, attachment, perfection, or enforcement of a security interest in, an interest of a party under the lease contract or in the lessor's residual interest in the goods; or
Provides that the assignment or transfer or the creation, attachment, perfection, or enforcement of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the lease.
A transfer by the lessee of the lessee's right of possession or use of the goods in violation of the term; or
A delegation of a material performance of either party to the lease contract in violation of the term.
[ 2001 c 32 § 35; 2000 c 250 § 9A-407; ]
Would impair the creation, attachment, or perfection of a security interest; or
Provides that the assignment or transfer or the creation, attachment, or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the promissory note, health-care-insurance receivable, or general intangible.
Applicability of subsection (a) of this section to sales of certain rights to payment. Subsection (a) of this section applies to a security interest in a payment intangible or promissory note only if the security interest arises out of a sale of the payment intangible or promissory note, other than a sale pursuant to a disposition under RCW 62A.9A-610 or an acceptance of collateral under RCW 62A.9A-620.
Legal restrictions on assignment generally ineffective. A rule of law, statute, or regulation that prohibits, restricts, or requires the consent of a government, governmental body or official, person obligated on a promissory note, or account debtor to the assignment or transfer of, or creation of a security interest in, a promissory note, health-care-insurance receivable, or general intangible, including a contract, permit, license, or franchise between an account debtor and a debtor, is ineffective to the extent that the rule of law, statute, or regulation:
Would impair the creation, attachment, or perfection of a security interest; or
Provides that the assignment or transfer or the creation, attachment, or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the promissory note, health-care-insurance receivable, or general intangible.
Is not enforceable against the person obligated on the promissory note or the account debtor;
Does not impose a duty or obligation on the person obligated on the promissory note or the account debtor;
Does not require the person obligated on the promissory note or the account debtor to recognize the security interest, pay or render performance to the secured party, or accept payment or performance from the secured party;
Does not entitle the secured party to use or assign the debtor's rights under the promissory note, health-care-insurance receivable, or general intangible, including any related information or materials furnished to the debtor in the transaction giving rise to the promissory note, health-care-insurance receivable, or general intangible;
Does not entitle the secured party to use, assign, possess, or have access to any trade secrets or confidential information of the person obligated on the promissory note or the account debtor; and
Does not entitle the secured party to enforce the security interest in the promissory note, health-care-insurance receivable, or general intangible.
Inapplicability of subsections (a) and (c) of this section to certain payment intangibles. After July 1, 2003, subsections (a) and (c) of this section do not apply to the assignment or transfer of or creation of a security interest in:
A claim or right to receive compensation for injuries or sickness as described in 26 U.S.C. Sec. 104(a)(1) or (2); or
This subsection will not affect a transfer of structured settlement payment rights under chapter 19.205 RCW.
[ 2011 c 74 § 302; 2003 c 87 § 2; 2000 c 250 § 9A-408; ]
Would impair the creation, attachment, or perfection of a security interest in the letter-of-credit right; or
Provides that the assignment or the creation, attachment, or perfection of the security interest may give rise to a default, breach, right of recoupment, claim, defense, termination, right of termination, or remedy under the letter-of-credit right.
Is not enforceable against the applicant, issuer, nominated person, or transferee beneficiary;
Imposes no duties or obligations on the applicant, issuer, nominated person, or transferee beneficiary; and
Does not require the applicant, issuer, nominated person, or transferee beneficiary to recognize the security interest, pay or render performance to the secured party, or accept payment or other performance from the secured party.
[ 2000 c 250 § 9A-409; ]
The office designated for the filing or recording of a record of a mortgage on the related real property, if:
The collateral is as-extracted collateral or timber to be cut; or
The department of licensing, in all other cases, including a case in which the collateral is goods that are or are to become fixtures and the financing statement is not filed as a fixture filing.
[ 2000 c 250 § 9A-501; ]
Provides the name of the debtor;
Provides the name of the secured party or a representative of the secured party; and
Indicates the collateral covered by the financing statement.
Indicate that it covers this type of collateral;
Indicate that it is to be filed for record in the real property records;
Provide a description of the real property to which the collateral is related sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and
If the debtor does not have an interest of record in the real property, provide the name of a record owner.
The record indicates the goods or accounts that it covers;
The goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;
The record satisfies the requirements for a financing statement in this section, but:
The record need not indicate that it is to be filed in the real property records; and
The record is recorded.
[ 2013 c 118 § 33; 2000 c 250 § 9A-502; ]
Except as otherwise provided in (3) of this subsection (a), if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization's name on the public organic record most recently filed with or issued or enacted by the registered organization's jurisdiction of organization which purports to state, amend, or restate the registered organization's name;
Subject to subsection (f) of this section, if the collateral is being administered by the personal representative of a decedent, only if the financing statement provides, as the name of the debtor, the name of the decedent and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative;
If the collateral is held in a trust that is not a registered organization, only if the financing statement:
Provides, as the name of the debtor:
If the organic record of the trust specifies a name for the trust, the name specified; or
If the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and
If the name is provided in accordance with (3)(A)(i) of this subsection, indicates that the collateral is held in a trust; or
If the name is provided in accordance with (3)(A)(ii) of this subsection, provides additional information sufficient to distinguish the trust from other trusts having one or more of the same settlors or the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates;
Subject to subsection (g) of this section, if the debtor is an individual to whom this state has issued a driver's license or identification card that has not expired, only if the financing statement provides the name of the individual which is indicated on the driver's license or identification card;
If the debtor is an individual to whom (4) of this subsection (a) does not apply, only if the financing statement provides the individual name of the debtor or the surname and first personal name of the debtor; and
In other cases:
If the debtor has a name, only if the financing statement provides the organizational name of the debtor; and
A trade name or other name of the debtor; or
Unless required under subsection (a)(6)(B) of this section, names of partners, members, associates, or other persons comprising the debtor.
Debtor's trade name insufficient. A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor.
Representative capacity. Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement.
Multiple debtors and secured parties. A financing statement may provide the name of more than one debtor and the name of more than one secured party.
Name of decedent. The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the "name of the decedent" under subsection (a)(2) of this section.
Multiple driver's licenses. If this state has issued to an individual more than one driver's license or identification card of a kind described in subsection (a)(4) of this section, the one that was issued most recently is the one to which subsection (a)(4) of this section refers.
Definition. In this section, the "name of the settlor or testator" means:
If the settlor is a registered organization, the name that is stated to be the settlor's name on the public organic record most recently filed with or issued or enacted by the settlor's jurisdiction of organization which purports to state, amend, or restate the settlor's name; or
In other cases, the name of the settlor or testator indicated in the trust's organic record.
[ 2013 c 118 § 34; 2011 c 74 § 401; 2000 c 250 § 9A-503; ]
A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:
A description of the collateral pursuant to RCW 62A.9A-108; or
An indication that the financing statement covers all assets or all personal property.
[ 2000 c 250 § 9A-504; ]
Use of terms other than "debtor" and "secured party." A consignor, lessor, or other bailor of goods, a licensor, or a buyer of a payment intangible or promissory note may file a financing statement, or may comply with a statute or treaty described in RCW 62A.9A-311(a), using the terms "consignor," "consignee," "lessor," "lessee," "bailor," "bailee," "licensor," "licensee," "owner," "registered owner," "buyer," "seller," or words of similar import, instead of the terms "secured party" and "debtor."
[ 2011 c 74 § 717; 2000 c 250 § 9A-505; ]
Minor errors and omissions. A financing statement substantially satisfying the requirements of this part is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading.
Financing statement seriously misleading. Except as otherwise provided in subsection (c) of this section, a financing statement that fails sufficiently to provide the name of the debtor in accordance with RCW 62A.9A-503(a) is seriously misleading.
Financing statement not seriously misleading. If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails sufficiently to provide the name of the debtor in accordance with RCW 62A.9A-503(a), the name provided does not make the financing statement seriously misleading.
"Debtor's correct name." For purposes of RCW 62A.9A-508(b), the "debtor's correct name" in subsection (c) of this section means the correct name of the new debtor.
[ 2011 c 74 § 718; 2000 c 250 § 9A-506; ]
Disposition. A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition.
Information becoming seriously misleading. Except as otherwise provided in subsection (c) of this section and RCW 62A.9A-508, a financing statement is not rendered ineffective if, after the financing statement is filed, the information provided in the financing statement becomes seriously misleading under RCW 62A.9A-506.
Change in debtor's name. If the name that a filed financing statement provides for a debtor becomes insufficient as the name of the debtor under RCW 62A.9A-503(a) so that the financing statement becomes seriously misleading under RCW 62A.9A-506:
The financing statement is effective to perfect a security interest in collateral acquired by the debtor before, or within four months after, the filed financing statement becomes seriously misleading; and
The financing statement is not effective to perfect a security interest in collateral acquired by the debtor more than four months after the filed financing statement becomes seriously misleading, unless an amendment to the financing statement which renders the financing statement not seriously misleading is filed within four months after the filed financing statement becomes seriously misleading.
[ 2011 c 74 § 402; 2000 c 250 § 9A-507; ]
Financing statement naming original debtor. Except as otherwise provided in this section, a filed financing statement naming an original debtor is effective to perfect a security interest in collateral in which a new debtor has or acquires rights to the extent that the financing statement would have been effective had the original debtor acquired rights in the collateral.
The financing statement is effective to perfect a security interest in collateral acquired by the new debtor before, and within four months after, the new debtor becomes bound under RCW 62A.9A-203(d); and
The financing statement is not effective to perfect a security interest in collateral acquired by the new debtor more than four months after the new debtor becomes bound under RCW 62A.9A-203(d) unless an initial financing statement providing the name of the new debtor is filed before the expiration of that time.
[ 2011 c 74 § 719; 2000 c 250 § 9A-508; ]
The debtor authorizes the filing in an authenticated record or pursuant to subsection (b) or (c) of this section; or
The person holds an agricultural lien that has become effective at the time of filing and the financing statement covers only collateral in which the person holds an agricultural lien.
The collateral described in the security agreement; and
Property that becomes collateral under RCW 62A.9A-315(a)(2), whether or not the security agreement expressly covers proceeds.
Acquisition of collateral as authorization. By acquiring collateral in which a security interest or agricultural lien continues under RCW 62A.9A-315(a)(1), a debtor authorizes the filing of an initial financing statement, and an amendment, covering the collateral and property that becomes collateral under RCW 62A.9A-315(a)(2).
Person entitled to file certain amendments. A person may file an amendment other than an amendment that adds collateral covered by a financing statement or an amendment that adds a debtor to a financing statement only if:
The secured party of record authorizes the filing; or
The amendment is a termination statement for a financing statement as to which the secured party of record has failed to file or send a termination statement as required by RCW 62A.9A-513 (a) or (c), the debtor authorizes the filing, and the termination statement indicates that the debtor authorized it to be filed.
[ 2001 c 32 § 36; 2000 c 250 § 9A-509; ]
Filed record effective if authorized. A filed record is effective only to the extent that it was filed by a person that may file it under RCW 62A.9A-509.
Authorization by one secured party of record. A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record.
Continuation statement not timely filed. A continuation statement that is not filed within the six-month period prescribed by RCW 62A.9A-515(d) is ineffective.
[ 2011 c 74 § 720; 2000 c 250 § 9A-510; ]
Secured party of record. A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under RCW 62A.9A-514(a), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.
Amendment naming secured party of record. If an amendment of a financing statement which provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under RCW 62A.9A-514(b), the assignee named in the amendment is a secured party of record.
Amendment deleting secured party of record. A person remains a secured party of record until the filing of an amendment of the financing statement which deletes the person.
[ 2000 c 250 § 9A-511; ]
Identifies, by its file number, the initial financing statement to which the amendment relates; and
If the amendment relates to an initial financing statement filed or recorded in a filing office described in RCW 62A.9A-501(a)(1), provides the information specified in RCW 62A.9A-502(b).
Period of effectiveness not affected. Except as otherwise provided in RCW 62A.9A-515, the filing of an amendment does not extend the period of effectiveness of the financing statement.
Effectiveness of amendment adding collateral. A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.
Effectiveness of amendment adding debtor. A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.
Certain amendments ineffective. An amendment is ineffective to the extent it:
Purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or
Purports to delete all secured parties of record and fails to provide the name of a new secured party of record.
[ 2000 c 250 § 9A-512; ]
There is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
The debtor did not authorize the filing of the initial financing statement.
Within one month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or
If earlier, within twenty days after the secured party receives an authenticated demand from a debtor.
Except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;
The financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;
The financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or
The debtor did not authorize the filing of the initial financing statement.
[ 2001 c 32 § 37; 2000 c 250 § 9A-513; ]
Assignment reflected on initial financing statement. Except as otherwise provided in subsection (c) of this section, an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.
Identifies, by its file number, the initial financing statement to which it relates;
Provides the name of the assignor; and
Provides the name and mailing address of the assignee.
[ 2000 c 250 § 9A-514; ]
Five-year effectiveness. Except as otherwise provided in subsections (b), (e), (f), and (g) of this section, a filed financing statement is effective for a period of five years after the date of filing.
[Reserved]
Lapse and continuation of financing statement. The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless before the lapse a continuation statement is filed pursuant to subsection (d) of this section. Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is deemed never to have been perfected as against a purchaser of the collateral for value.
When continuation statement may be filed. A continuation statement may be filed only within six months before the expiration of the five-year period specified in subsection (a) of this section or the thirty-year period specified in subsection (b) of this section, whichever is applicable.
Effect of filing continuation statement. Except as otherwise provided in RCW 62A.9A-510, upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the five-year period, the financing statement lapses in the same manner as provided in subsection (c) of this section, unless, before the lapse, another continuation statement is filed pursuant to subsection (d) of this section. Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.
Transmitting utility financing statement. If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.
Record of mortgage as financing statement. A record of a mortgage that is effective as a financing statement filed as a fixture filing under RCW 62A.9A-502(c) remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.
[ 2011 c 74 § 403; 2000 c 250 § 9A-515; ]
What constitutes filing. Except as otherwise provided in subsection (b) of this section, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.
The record is not communicated by a method or medium of communication authorized by the filing office;
An amount equal to or greater than the applicable filing fee is not tendered or, in the case of a filing office described in RCW 62A.9A-501(a)(1), an amount equal to the applicable filing fee is not tendered;
The filing office is unable to index the record because:
In the case of an initial financing statement, the record does not provide a name for the debtor;
Does not identify the initial financing statement as required by RCW 62A.9A-512 or 62A.9A-518, as applicable; or
Identifies an initial financing statement whose effectiveness has lapsed under RCW 62A.9A-515;
In the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or
In the case of a record filed or recorded in the filing office described in RCW 62A.9A-501(a)(1), the record does not provide a name for the debtor or a sufficient description of the real property to which the record relates;
In the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record;
In the case of an initial financing statement or an amendment that provides a name of a debtor which was not previously provided in the financing statement to which the amendment relates, the record does not:
Provide a mailing address for the debtor; or
In the case of an assignment reflected in an initial financing statement under RCW 62A.9A-514(a) or an amendment filed under RCW 62A.9A-514(b), the record does not provide a name and mailing address for the assignee; or
In the case of a continuation statement, the record is not filed within the six-month period prescribed by RCW 62A.9A-515(d).
A record does not provide information if the filing office is unable to read or decipher the information; and
A record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by RCW 62A.9A-512, 62A.9A-514, or 62A.9A-518, is an initial financing statement.
[ 2011 c 74 § 404; 2001 c 32 § 38; 2000 c 250 § 9A-516; ]
The failure of the filing office to index a record correctly does not affect the effectiveness of the filed record.
[ 2000 c 250 § 9A-517; ]
Statement with respect to recordindexed under person's name. A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed.
Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
Indicate that it is an information statement; and
Provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed.
Statement by secured party of record. A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under RCW 62A.9A-509(d).
Contents of statement under subsection (e) of this section. An information statement under subsection (c) of this section must:
Identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;
Indicate that it is an information statement; and
Provide the basis for the person's belief that the person that filed the record was not entitled to do so under RCW 62A.9A-509(d).
[ 2011 c 74 § 405; 2000 c 250 § 9A-518; ]
Assign a unique number to the filed record;
Create a record that bears the number assigned to the filed record and the date and time of filing;
Maintain the filed record for public inspection; and
Index the filed record in accordance with subsections (c), (d), and (e) of this section.
Is mathematically derived from or related to the other digits of the file number; and
Aids the filing office in determining whether a number communicated as the file number includes a single-digit or transpositional error.
Index an initial financing statement according to the name of the debtor and index all filed records relating to the initial financing statement in a manner that associates with one another an initial financing statement and all filed records relating to the initial financing statement; and
Index a record that provides a name of a debtor which was not previously provided in the financing statement to which the record relates also according to the name that was not previously provided.
Under the names of the debtor and of each owner of record shown on the financing statement as if they were the mortgagors under a mortgage of the real property described; and
To the extent that the law of this state provides for indexing of records of mortgages under the name of the mortgagee, under the name of the secured party as if the secured party were the mortgagee thereunder, or, if indexing is by description, as if the financing statement were a record of a mortgage of the real property described.
Under the name of the assignor as grantor; and
To the extent that the law of this state provides for indexing a record of the assignment of a mortgage under the name of the assignee, under the name of the assignee.
To retrieve a record by the name of the debtor and by the file number assigned to the initial financing statement to which the record relates; and
To associate and retrieve with one another an initial financing statement and each filed record relating to the initial financing statement.
Removal of debtor's name. The filing office may not remove a debtor's name from the index until one year after the effectiveness of a financing statement naming the debtor lapses under RCW 62A.9A-515 with respect to all secured parties of record.
Timeliness of filing office performance. The filing office shall perform the acts required by subsections (a) through (e) of this section at the time and in the manner prescribed by filing-office rule, but not later than two business days after the filing office receives the record in question.
Inapplicability to real-property-related filing office. Subsections (b) and (h) of this section do not apply to a filing office described in RCW 62A.9A-501(a)(1).
[ 2000 c 250 § 9A-519; ]
Mandatory refusal to accept record. The filing office described in RCW 62A.9A-501(a)(2) shall refuse to accept a record for filing for a reason set forth in RCW 62A.9A-516(b). A filing office described in RCW 62A.9A-501(a)(1) shall refuse to accept a record for filing for a reason set forth in RCW 62A.9A-516(b) (1) through (4) and any filing office may refuse to accept a record for filing only for a reason set forth in RCW 62A.9A-516(b).
Communication concerning refusal. If a filing office refuses to accept a record for filing, it shall communicate to the person that presented the record the fact of and reason for the refusal and the date and time the record would have been filed had the filing office accepted it. The communication must be made at the time and in the manner prescribed by filing-office rule but, in the case of a filing office described in RCW 62A.9A-501(a)(2), in no event more than two business days after the filing office receives the record.
When filed financing statement effective. A filed financing statement satisfying RCW 62A.9A-502 (a) and (b) is effective, even if the filing office is required to refuse to accept it for filing under subsection (a) of this section. However, RCW 62A.9A-338 applies to a filed financing statement providing information described in RCW 62A.9A-516(b)(5) which is incorrect at the time the financing statement is filed.
Separate application to multiple debtors. If a record communicated to a filing office provides information that relates to more than one debtor, this part applies as to each debtor separately.
[ 2011 c 74 § 721; 2001 c 32 § 39; 2000 c 250 § 9A-520; ]
UCC FINANCING STATEMENTFOLLOW INSTRUCTIONS A.NAME & PHONE OF CONTACT AT FILER (optional) B.EMAIL CONTACT AT FILER (optional) C.SEND ACKNOWLEDGMENT TO: (Name and Address) THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY1.DEBTOR'S NAME - provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name) 1a.ORGANIZATION'S NAMEOR 1b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTORSUFFIX 1c.MAILING ADDRESSCITYSTATEPOSTAL CODECOUNTRY2.DEBTOR'S NAME - provide only one Debtor name (2a or 2b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name) 2a.ORGANIZATION'S NAMEOR 2b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTORSUFFIX 2c.MAILING ADDRESSCITYSTATEPOSTAL CODECOUNTRY3.SECURED PARTY'S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY) - provide only one secured party name (3a or 3b) 3a.ORGANIZATION'S NAMEOR 3b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S)SUFFIX 3c.MAILING ADDRESSCITYSTATEPOSTAL CODECOUNTRY4.COLLATERAL: This Financing Statement covers the following collateral: 5.Check only if applicable and check only one box:Collateral is□ held in Trust (see Instructions) □ being administered by a Decedent's Personal Representative. 6a.Check only if applicable and check only one box: □ Public-Finance Transaction□ Manufactured-Home Transaction□ A Debtor is a Transmitting Utility6b.Check only if applicable and check only one box: □ Agricultural Lien□ Non-UCC Filing 7.ALTERNATIVE DESIGNATION (if applicable): □ Lessee/Lessor□ Cosignee/Cosignor□ Seller/Buyer□ Bailee/Bailor□ Licensee/Licensor8.OPTIONAL FILER REFERENCE DATA[UCC FINANCING STATEMENT (FORM UCC1)] (REV. 09/30/10)UCC FINANCING STATEMENT ADDENDUMFOLLOW INSTRUCTIONS9.NAME OF FIRST DEBTOR (same as item 1a or 1b on Financing Statement) 9a.ORGANIZATION'S NAMEOR 9b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S)SUFFIXTHE ABOVE SPACE IS FOR FILING OFFICE USE ONLY10.ADDITIONAL DEBTOR'S NAME - provide only one Debtor name (10a or 10b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name) 10a.ORGANIZATION'S NAME (exact, full name, without any modifications)OR 10b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTORSUFFIX 10c.MAILING ADDRESSCITYSTATEPOSTAL CODECOUNTRY11.□ ADDITIONAL SECURED PARTY'S NAME or □ ASSIGNOR SECURED PARTY'S NAME - provide only one name (11a or 11b) 11a.ORGANIZATION'S NAMEOR 11b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S)SUFFIX 11c.MAILING ADDRESSCITYSTATEPOSTAL CODECOUNTRY12.ADDITIONAL SPACE FOR ITEM 4 (Collateral) 13.□ This FINANCING STATEMENT is to be filed (for record) (or recorded) in the REAL ESTATE RECORDS (if applicable) 14.This FINANCING STATEMENT: □ covers timber to be cut□ covers as-extracted collateral□ is filed as a fixture filing15.Name and address of a RECORD OWNER of real estate described in item 16 (if Debtor does not have a record interest)16.Description of real estate17.Miscellaneous[UCC FINANCING STATEMENT ADDENDUM (FORM UCC1Ad)] (REV. 09/30/10)
UCC FINANCING STATEMENT
FOLLOW INSTRUCTIONS
A.
NAME & PHONE OF CONTACT AT FILER (optional)
B.
EMAIL CONTACT AT FILER (optional)
C.
SEND ACKNOWLEDGMENT TO: (Name and Address)
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
1.
DEBTOR'S NAME - provide only one Debtor name (1a or 1b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name)
1a.
ORGANIZATION'S NAME
OR
1b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTOR
SUFFIX
1c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
2.
DEBTOR'S NAME - provide only one Debtor name (2a or 2b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name)
2a.
ORGANIZATION'S NAME
OR
2b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTOR
SUFFIX
2c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
3.
SECURED PARTY'S NAME (or NAME of ASSIGNEE of ASSIGNOR SECURED PARTY) - provide only one secured party name (3a or 3b)
3a.
ORGANIZATION'S NAME
OR
3b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
3c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
4.
COLLATERAL: This Financing Statement covers the following collateral:
5.
Check only if applicable and check only one box:
Collateral is
□ held in Trust (see Instructions)
□ being administered by a Decedent's Personal Representative.
6a.
Check only if applicable and check only one box:
□ Public-Finance Transaction
□ Manufactured-Home Transaction
□ A Debtor is a Transmitting Utility
6b.
Check only if applicable and check only one box:
□ Agricultural Lien
□ Non-UCC Filing
7.
ALTERNATIVE DESIGNATION (if applicable):
□ Lessee/Lessor
□ Cosignee/Cosignor
□ Seller/Buyer
□ Bailee/Bailor
□ Licensee/Licensor
8.
OPTIONAL FILER REFERENCE DATA
[UCC FINANCING STATEMENT (FORM UCC1)] (REV. 09/30/10)
UCC FINANCING STATEMENT ADDENDUM
FOLLOW INSTRUCTIONS
9.
NAME OF FIRST DEBTOR (same as item 1a or 1b on Financing Statement)
9a.
ORGANIZATION'S NAME
OR
9b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
10.
ADDITIONAL DEBTOR'S NAME - provide only one Debtor name (10a or 10b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name)
10a.
ORGANIZATION'S NAME (exact, full name, without any modifications)
OR
10b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTOR
SUFFIX
10c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
11.
□ ADDITIONAL SECURED PARTY'S NAME or □ ASSIGNOR SECURED PARTY'S NAME - provide only one name (11a or 11b)
11a.
ORGANIZATION'S NAME
OR
11b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
11c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
12.
ADDITIONAL SPACE FOR ITEM 4 (Collateral)
13.
□ This FINANCING STATEMENT is to be filed (for record) (or recorded) in the REAL ESTATE RECORDS (if applicable)
14.
This FINANCING STATEMENT:
□ covers timber to be cut
□ covers as-extracted collateral
□ is filed as a fixture filing
15.
Name and address of a RECORD OWNER of real estate described in item 16 (if Debtor does not have a record interest)
16.
Description of real estate
17.
Miscellaneous
[UCC FINANCING STATEMENT ADDENDUM (FORM UCC1Ad)] (REV. 09/30/10)
UCC FINANCING STATEMENT AMENDMENTFOLLOW INSTRUCTIONS A.NAME & PHONE OF CONTACT AT FILER (optional) B.EMAIL CONTACT AT FILER (optional) C.SEND ACKNOWLEDGMENT TO: (Name and Address) THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY1a.INITIAL FINANCING STATEMENT FILE NUMBER 1b.This FINANCING STATEMENT AMENDMENT is to be filed (for record) (or recorded) in the REAL ESTATE RECORDS. Filer: attach Amendment Addendum (Form UCC3 Ad) and provide Debtor's name in item 13.2.□ TERMINATION: Effectiveness of the Financing Statement identified above is terminated with respect to the security interest(s) of Secured Party authorizing this Termination Statement.3.□ ASSIGNMENT (full or partial): Provide name of Assignee in item 7a or 7b, and address of Assignee in item 7c and name of Assignor in item 9. For partial assignment, complete items 7 and 9 and also indicate affected collateral in item 8.4.□ CONTINUATION: Effectiveness of the Financing Statement identified above with respect to the security interest(s) of Secured Party authorizing this Continuation Statement is continued for the additional period provided by applicable law.5.□ PARTY INFORMATION CHANGE:Check one of these two boxes:This Change affects □ Debtor or □ Secured Party of record AND Check one of these three boxes to: □ CHANGE name and/or address: Complete item 6a or 6b; and item 7a or 7b and item 7c. □ ADD name: Complete item 7a or 7b, and item 7c. □ DELETE name: Give record name to be deleted in item 6a or 6b.6.CURRENT RECORD INFORMATION: Complete for Party Information Change - provide only one name (6a or 6b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name) 6a.ORGANIZATION'S NAMEOR 6b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S)SUFFIX7.CHANGED OR ADDED INFORMATION: Complete for Assignment or Party Information Change - provide only one name (7a or 7b) (use exact full name; do not omit, modify, or abbreviate any word in the Debtor's name) 7a.ORGANIZATION'S NAMEOR 7b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTORSUFFIX 7c.MAILING ADDRESSCITYSTATEPOSTAL CODECOUNTRY8.□ COLLATERAL CHANGE:Also check one of these four boxes: □ ADD collateral□ DELETE collateral□ RESTATE covered collateral□ ASSIGN collateral Indicate collateral: 9.NAME OF SECURED PARTY OF RECORD AUTHORIZING THIS AMENDMENT - provide only one name (9a or 9b) (name of assignor, if this is an Assignment).If this is an Amendment authorized by a DEBTOR, check here □ and provide name of authorizing Debtor 9a.ORGANIZATION'S NAMEOR 9b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S)SUFFIX10.OPTIONAL FILER REFERENCE DATA[UCC FINANCING STATEMENT AMENDMENT (FORM UCC3)] (REV. 09/30/10)UCC FINANCING STATEMENT AMENDMENT ADDENDUMFOLLOW INSTRUCTIONS11.INITIAL FINANCING STATEMENT FILE NUMBER (same as item 1a on Amendment form)12.NAME OF PARTY AUTHORIZING THIS AMENDMENT (same as item 9 on Amendment form) 12a.ORGANIZATION'S NAMEOR 12b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S)SUFFIXTHE ABOVE SPACE IS FOR FILING OFFICE USE ONLY13.Name of DEBTOR on related financing statement (Name of a current Debtor of record required for indexing purposes only in some filing offices - see Instruction for item 13 - insert only one Debtor name (13a or 13b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name) 13a.ORGANIZATION'S NAMEOR 13b.INDIVIDUAL'S SURNAMEFIRST PERSONAL NAMEADDITIONAL NAME(S)/INITIAL(S)SUFFIX14.ADDITIONAL SPACE FOR ITEM 8 (Collateral) 15.This FINANCING STATEMENT AMENDMENT: □ covers timber to be cut□ covers as-extracted collateral□ is filed as a fixture filing16.Name and address of a RECORD OWNER of real estate described in item 17 (if Debtor does not have a record interest)17.Description of real estate18.MISCELLANEOUS: UCC FINANCING STATEMENT AMENDMENT ADDENDUM (FORM UCC1) (REV. 09/30/10)
UCC FINANCING STATEMENT AMENDMENT
FOLLOW INSTRUCTIONS
A.
NAME & PHONE OF CONTACT AT FILER (optional)
B.
EMAIL CONTACT AT FILER (optional)
C.
SEND ACKNOWLEDGMENT TO: (Name and Address)
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
1a.
INITIAL FINANCING STATEMENT FILE NUMBER
1b.
This FINANCING STATEMENT AMENDMENT is to be filed (for record) (or recorded) in the REAL ESTATE RECORDS. Filer: attach Amendment Addendum (Form UCC3 Ad) and provide Debtor's name in item 13.
2.
□ TERMINATION: Effectiveness of the Financing Statement identified above is terminated with respect to the security interest(s) of Secured Party authorizing this Termination Statement.
3.
□ ASSIGNMENT (full or partial): Provide name of Assignee in item 7a or 7b, and address of Assignee in item 7c and name of Assignor in item 9. For partial assignment, complete items 7 and 9 and also indicate affected collateral in item 8.
4.
□ CONTINUATION: Effectiveness of the Financing Statement identified above with respect to the security interest(s) of Secured Party authorizing this Continuation Statement is continued for the additional period provided by applicable law.
5.
□ PARTY INFORMATION CHANGE:
Check one of these two boxes:
This Change affects □ Debtor or □ Secured Party of record
AND
Check one of these three boxes to:
□ CHANGE name and/or address: Complete item 6a or 6b; and item 7a or 7b and item 7c.
□ ADD name: Complete item 7a or 7b, and item 7c.
□ DELETE name: Give record name to be deleted in item 6a or 6b.
6.
CURRENT RECORD INFORMATION: Complete for Party Information Change - provide only one name (6a or 6b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name)
6a.
ORGANIZATION'S NAME
OR
6b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
7.
CHANGED OR ADDED INFORMATION: Complete for Assignment or Party Information Change - provide only one name (7a or 7b) (use exact full name; do not omit, modify, or abbreviate any word in the Debtor's name)
7a.
ORGANIZATION'S NAME
OR
7b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S) THAT ARE PART OF THE NAME OF THIS DEBTOR
SUFFIX
7c.
MAILING ADDRESS
CITY
STATE
POSTAL CODE
COUNTRY
8.
□ COLLATERAL CHANGE:
Also check one of these four boxes:
□ ADD collateral
□ DELETE collateral
□ RESTATE covered collateral
□ ASSIGN collateral
Indicate collateral:
9.
NAME OF SECURED PARTY OF RECORD AUTHORIZING THIS AMENDMENT - provide only one name (9a or 9b) (name of assignor, if this is an Assignment).
If this is an Amendment authorized by a DEBTOR, check here □ and provide name of authorizing Debtor
9a.
ORGANIZATION'S NAME
OR
9b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
10.
OPTIONAL FILER REFERENCE DATA
[UCC FINANCING STATEMENT AMENDMENT (FORM UCC3)] (REV. 09/30/10)
UCC FINANCING STATEMENT AMENDMENT ADDENDUM
FOLLOW INSTRUCTIONS
11.
INITIAL FINANCING STATEMENT FILE NUMBER (same as item 1a on Amendment form)
12.
NAME OF PARTY AUTHORIZING THIS AMENDMENT (same as item 9 on Amendment form)
12a.
ORGANIZATION'S NAME
OR
12b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
THE ABOVE SPACE IS FOR FILING OFFICE USE ONLY
13.
Name of DEBTOR on related financing statement (Name of a current Debtor of record required for indexing purposes only in some filing offices - see Instruction for item 13 - insert only one Debtor name (13a or 13b) (use exact, full name; do not omit, modify, or abbreviate any word in the Debtor's name)
13a.
ORGANIZATION'S NAME
OR
13b.
INDIVIDUAL'S SURNAME
FIRST PERSONAL NAME
ADDITIONAL NAME(S)/INITIAL(S)
SUFFIX
14.
ADDITIONAL SPACE FOR ITEM 8 (Collateral)
15.
This FINANCING STATEMENT AMENDMENT:
□ covers timber to be cut
□ covers as-extracted collateral
□ is filed as a fixture filing
16.
Name and address of a RECORD OWNER of real estate described in item 17 (if Debtor does not have a record interest)
17.
Description of real estate
18.
MISCELLANEOUS:
UCC FINANCING STATEMENT AMENDMENT ADDENDUM (FORM UCC1) (REV. 09/30/10)
[ 2011 c 74 § 406; 2000 c 250 § 9A-521; ]
Post-lapse maintenance and retrieval of information. The filing office shall maintain a record of the information provided in a filed financing statement for at least one year after the effectiveness of the financing statement has lapsed under RCW 62A.9A-515 with respect to all secured parties of record. The record must be retrievable by using the name of the debtor and by using the file number assigned to the initial financing statement to which the record relates.
[ 2000 c 250 § 9A-522; ]
Note upon the copy the number assigned to the record pursuant to RCW 62A.9A-519(a)(1) and the date and time of the filing of the record; and
Send the copy to the person.
The information in the record;
The number assigned to the record pursuant to RCW 62A.9A-519(a)(1); and
The date and time of the filing of the record.
Whether there is on file on a date and time specified by the filing office, but not a date earlier than three business days before the filing office receives the request, any financing statement that:
Designates a particular debtor or, if the request so states, designates a particular debtor at the address specified in the request;
Has not lapsed under RCW 62A.9A-515 with respect to all secured parties of record; and
The date and time of filing of each financing statement; and
The information provided in each financing statement.
Medium for communicating information. In complying with its duty under subsection (c) of this section, the filing office may communicate information in any medium. However, if requested, the filing office shall communicate information by issuing a record that can be admitted into evidence in the courts of this state without extrinsic evidence of its authenticity.
Timeliness of filing office performance. The filing office described in RCW 62A.9A-501(a)(2) shall perform the acts required by subsections (a) through (d) of this section at the time and in the manner prescribed by filing-office rule, but not later than two business days after the filing office receives the request.
Public availability of records. At least weekly, the filing office described in RCW 62A.9A-501(a)(2) shall offer to sell or license to the public on a nonexclusive basis, in bulk, copies of all records filed in it under this part, in every medium from time to time available to the filing office. If information provided pursuant to this section includes a list of individuals, disclosure of the list is specifically authorized.
[ 2001 c 32 § 40; 2000 c 250 § 9A-523; ]
Delay by the filing office beyond a time limit prescribed by this part is excused if:
The delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; and
The filing office exercises reasonable diligence under the circumstances.
[ 2000 c 250 § 9A-524; ]
A record that is communicated in writing and consists of one or two pages;
A record that is communicated in writing and consists of more than two pages, which fee may be a multiple of the fee described in (1) of this subsection; and
A record that is communicated by another medium authorized by department of licensing rule, which fee may be a fraction of the fee described in (1) of this subsection.
Filing with other filing offices. Except as otherwise provided in subsection (e) of this section, the fee for filing and indexing a record under this part that is filed in a filing office described in RCW 62A.9A-501(a)(1) is the fee that would otherwise be applicable to the recording of a mortgage in that filing office, as set forth in RCW 36.18.010.
Number of names. The number of names required to be indexed does not affect the amount of the fee in subsections (a) and (b) of this section.
Response to information request. The fee for responding to a request for information from a filing office, including for issuing a certificate showing, or otherwise communicating, whether there is on file any financing statement naming a particular debtor, is the fee set by department of licensing rule pursuant to subsection (f) of this section; provided however, if the request is to a filing office described in RCW 62A.9A-501(a)(1) and that office charges a different fee, then that different fee shall apply instead. Without limitation, different fees may be charged:
If the request is communicated in writing;
If the request is communicated by another medium authorized by filing-office rule; and
If the request is for expedited service.
Record of mortgage. This section does not require a fee with respect to a record of a mortgage which is effective as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut under RCW 62A.9A-502(c). However, the recording and satisfaction fees that otherwise would be applicable to the record of the mortgage apply.
Filing office rules. (1) The department of licensing shall by rule set the fees called for in this section for filing with, and obtaining information from, the department of licensing. The director shall set fees at a sufficient level to defray the costs of administering the program. All receipts from fees collected under this title, except fees for services covered under RCW 62A.9A-501(a)(1), shall be deposited to the uniform commercial code fund in the state treasury. Moneys in the fund may be spent only after appropriation and may be used only to administer the uniform commercial code program.
Until July 1, 2030, in addition to fees on filings authorized under this section, the department of licensing shall impose a surcharge of fifteen dollars per filing for paper filings and a surcharge of fifteen dollars per filing for electronic filings. The department shall deposit the proceeds from these surcharges in the financial fraud and identity theft crimes investigation and prosecution account created in RCW 43.330.300.
[ 2020 c 60 § 2; 2015 c 65 § 2; 2008 c 290 § 2; 2000 c 250 § 9A-525; ]
Consistent with this Article; and
Adopted and published in accordance with chapter 34.05 RCW.
Consult with filing offices in other jurisdictions that enact substantially this part; and
Consult the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators or any successor organization; and
Take into consideration the rules and practices of, and the technology used by, filing offices in other jurisdictions that enact substantially this part.
[ 2000 c 250 § 9A-526; ]
The department of licensing shall report annually on or before December 31st to the governor on the operation of the filing office.
[ 2000 c 250 § 9A-527; ]
May reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and
If the collateral is documents, may proceed either as to the documents or as to the goods they cover.
Rights and duties of secured party in possession or control. A secured party in possession of collateral or control of collateral under RCW 62A.7-106, 62A.9A-104, 62A.9A-105, 62A.9A-106, or 62A.9A-107 has the rights and duties provided in RCW 62A.9A-207.
Rights cumulative; simultaneous exercise. The rights under subsections (a) and (b) of this section are cumulative and may be exercised simultaneously.
Rights of debtor and obligor. Except as otherwise provided in subsection (g) of this section and RCW 62A.9A-605, after default, a debtor and an obligor have the rights provided in this part and by agreement of the parties.
Lien of levy after judgment. If a secured party has reduced its claim to judgment, the lien of any levy that may be made upon the collateral by virtue of an execution based upon the judgment relates back to the earliest of:
The date of perfection of the security interest or agricultural lien in the collateral;
The date of filing a financing statement covering the collateral; or
Any date specified in a statute under which the agricultural lien was created.
Execution sale. A sale pursuant to an execution is a foreclosure of the security interest or agricultural lien by judicial procedure within the meaning of this section. A secured party may purchase at the sale and thereafter hold the collateral free of any other requirements of this Article.
Consignor or buyer of certain rights to payment. Except as otherwise provided in RCW 62A.9A-607(c), this part imposes no duties upon a secured party that is a consignor or is a buyer of accounts, chattel paper, payment intangibles, or promissory notes.
Enforcement restrictions. All rights and remedies provided in this part with respect to promissory notes or an agreement between an account debtor and a debtor which relates to a health-care-insurance receivable or a general intangible, including a contract, permit, license, or franchise, are subject to RCW 62A.9A-408 to the extent applicable.
[ 2012 c 214 § 1518; 2012 c 214 § 1517; 2011 c 74 § 722; 2000 c 250 § 9A-601; ]
Except as otherwise provided in RCW 62A.9A-624, to the extent that they give rights to an obligor (other than a secondary obligor) or a debtor and impose duties on a secured party, the debtor or obligor may not waive or vary the rules stated in the following listed sections:
RCW 62A.9A-207(b)(4)(C), which deals with use and operation of the collateral by the secured party;
RCW 62A.9A-210, which deals with requests for an accounting and requests concerning a list of collateral and statement of account;
RCW 62A.9A-607(c), which deals with collection and enforcement of collateral;
RCW 62A.9A-608(a) and 62A.9A-615(c) to the extent that they deal with application or payment of noncash proceeds of collection, enforcement, or disposition;
RCW 62A.9A-608(a) and 62A.9A-615(d) to the extent that they require accounting for or payment of surplus proceeds of collateral;
RCW 62A.9A-609 to the extent that it imposes upon a secured party that takes possession of collateral without judicial process the duty to do so without breach of the peace;
RCW 62A.9A-610(b), 62A.9A-611, 62A.9A-613, and 62A.9A-614, which deal with disposition of collateral;
[Reserved]
RCW 62A.9A-616, which deals with explanation of the calculation of a surplus or deficiency;
RCW 62A.9A-620, 62A.9A-621, and 62A.9A-622, which deal with acceptance of collateral in satisfaction of obligation;
RCW 62A.9A-623, which deals with redemption of collateral;
RCW 62A.9A-624, which deals with permissible waivers; and
RCW 62A.9A-625 and 62A.9A-626, which deal with the secured party's liability for failure to comply with this Article.
[ 2011 c 74 § 723; 2000 c 250 § 9A-602; ]
Agreed standards. The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in RCW 62A.9A-602 if the standards are not manifestly unreasonable.
[ 2000 c 250 § 9A-603; ]
Under this part as to the personal property without prejudicing any rights with respect to the real property; or
As to both the personal property and the real property in accordance with the rights with respect to the real property, in which case the other provisions of this part do not apply.
Under this part; or
In accordance with the rights with respect to real property, in which case the other provisions of this part do not apply.
Removal of fixtures or manufactured home. Subject to the other provisions of this part, if a secured party holding a security interest in fixtures or a manufactured home has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.
Injury caused by removal. A secured party that removes collateral consisting of fixtures or a manufactured home shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. 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.
[ 2000 c 250 § 9A-604; ]
A secured party does not owe a duty based on its status as secured party:
To a person that is a debtor or obligor, unless the secured party knows:
That the person is a debtor or obligor;
The identity of the person; and
To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
That the person is a debtor; and
[ 2000 c 250 § 9A-605; ]
For purposes of this part, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created.
[ 2000 c 250 § 9A-606; ]
May notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;
May take any proceeds to which the secured party is entitled under RCW 62A.9A-315;
May enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;
If it holds a security interest in a deposit account perfected by control under RCW 62A.9A-104(a)(1), may apply the balance of the deposit account to the obligation secured by the deposit account; and
If it holds a security interest in a deposit account perfected by control under RCW 62A.9A-104(a) (2) or (3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.
Default has occurred with respect to the obligation secured by the mortgage;
A copy of the security agreement that creates or provides for a security interest in the obligations secured by the mortgage is attached to the affidavit; and
The secured party is entitled to enforce the mortgage nonjudicially.
If the secured party's affidavit and attached copy of the security agreement in the form prescribed by chapter 65.04 RCW are presented with the applicable fee to the office in which a record of the mortgage is recorded, the affidavit and attached copy of the security agreement shall be recorded pursuant to RCW 65.04.030(3).
Undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and
Is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.
Expenses of collection and enforcement. A secured party may deduct from the collections made pursuant to subsection (c) of this section reasonable expenses of collection and enforcement, including reasonable attorneys' fees and legal expenses incurred by the secured party.
Duties to secured party not affected. This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.
[ 2011 c 74 § 501; 2000 c 250 § 9A-607; ]
A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under RCW 62A.9A-607 in the following order to:
The reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorneys' fees and legal expenses incurred by the secured party;
The satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under (1)(C) of this subsection.
A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under RCW 62A.9A-607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
[ 2001 c 32 § 41; 2000 c 250 § 9A-608; ]
May take possession of the collateral; and
Without removal, may render equipment unusable and dispose of collateral on a debtor's premises under RCW 62A.9A-610.
Pursuant to judicial process; or
Without judicial process, if it proceeds without breach of the peace.
[ 2000 c 250 § 9A-609; ]
Disposition after default. After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
Commercially reasonable disposition. Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
Purchase by secured party. A secured party may purchase collateral:
At a public disposition; or
At a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
Warranties on disposition. A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
Disclaimer of warranties. A secured party may disclaim or modify warranties under subsection (d) of this section:
In a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
By communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
[ 2000 c 250 § 9A-610; ]
A secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or
The debtor and any secondary obligor waive the right to notification.
Notification of disposition required. Except as otherwise provided in subsection (d) of this section, a secured party that disposes of collateral under RCW 62A.9A-610 shall send to the persons specified in subsection (c) of this section a reasonable authenticated notification of disposition.
Persons to be notified. To comply with subsection (b) of this section, the secured party shall send an authenticated notification of disposition to:
The debtor;
Any secondary obligor; and
If the collateral is other than consumer goods:
Any other secured party or lienholder that, ten days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
Identified the collateral;
Was indexed under the debtor's name as of that date; and
Was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
Subsection (b) of this section inapplicable: Perishable collateral; recognized market. Subsection (b) of this section does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
Compliance with subsection (c)(3)(A) of this section. A secured party complies with the requirement for notification prescribed by subsection (c)(3)(A) of this section if:
Not later than twenty days or earlier than thirty days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (c)(3)(A) of this section; and
Before the notification date, the secured party:
Did not receive a response to the request for information; or
[ 2011 c 74 § 724; 2000 c 250 § 9A-611; ]
Reasonable time is question of fact. Except as otherwise provided in subsection (b) of this section, whether a notification is sent within a reasonable time is a question of fact.
[ 2000 c 250 § 9A-612; ]
Except in a consumer-goods transaction, the following rules apply:
The contents of a notification of disposition are sufficient if the notification:
Describes the debtor and the secured party;
Describes the collateral that is the subject of the intended disposition;
States the method of intended disposition;
States that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and
States the time and place of a public disposition or the time after which any other disposition is to be made.
Whether the contents of a notification that lacks any of the information specified in subsection (1) of this section are nevertheless sufficient is a question of fact.
The contents of a notification providing substantially the information specified in subsection (1) of this section are sufficient, even if the notification includes:
Information not specified by subsection (1) of this section; or
A particular phrasing of the notification is not required.
The following form of notification and the form appearing in RCW 62A.9A-614(3), when completed, each provides sufficient information:
NOTIFICATION OF DISPOSITION
OF COLLATERAL
To: [Name of debtor, obligor, or other person to which the notification is sent]
From: [Name, address, and telephone number of secured party]
Name of Debtor(s): [Include only if debtor(s) are not an addressee]
[For a public disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] [to the highest qualified bidder] in public as follows:
Day and Date:
Time:
Place:
[For a private disposition:]
We will sell [or lease or license, as applicable] the [describe collateral] privately sometime after [day and date] .
You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell [or lease or license, as applicable] [for a charge of $ ]. You may request an accounting by calling us at [telephone number] .
[ 2001 c 32 § 42; 2000 c 250 § 9A-613; ]
In a consumer-goods transaction, the following rules apply:
A notification of disposition must provide the following information:
The information specified in RCW 62A.9A-613(1);
A description of any liability for a deficiency of the person to which the notification is sent;
A telephone number from which the amount that must be paid to the secured party to redeem the collateral under RCW 62A.9A-623 is available; and
A telephone number or mailing address from which additional information concerning the disposition and the obligation secured is available.
A particular phrasing of the notification is not required.
The following form of notification, when completed, provides sufficient information:
[Name and address of secured party]
[Date]
NOTICE OF OUR PLAN TO SELL PROPERTY
[Name and address of any obligor who is also a debtor]
Subject: [Identification of Transaction]
We have your [describe collateral] , because you broke promises in our agreement.
[For a public disposition:]
We will sell [describe collateral] at public sale. A sale could include a lease or license. The sale will be held as follows:
Date:
Time:
Place:
You may attend the sale and bring bidders if you want.
[For a private disposition:]
We will sell [describe collateral] at private sale sometime after [date] . A sale could include a lease or license.
The money that we get from the sale (after paying our costs) will reduce the amount you owe. If we get less money than you owe, you [will or will not, as applicable] still owe us the difference. If we get more money than you owe, you will get the extra money, unless we must pay it to someone else.
You can get the property back at any time before we sell it by paying us the full amount you owe (not just the past due payments), including our expenses. To learn the exact amount you must pay, call us at [telephone number] .
If you want us to explain to you in writing how we have figured the amount that you owe us, you may call us at [telephone number] [or write us at [secured party's address] ] and request a written explanation. [We will charge you $ for the explanation if we sent you another written explanation of the amount you owe us within the last six months.]
If you need more information about the sale call us at [telephone number] [or write us at [secured party's address] ].
We are sending this notice to the following other people who have an interest in [describe collateral] or who owe money under your agreement:
[Names of all other debtors and obligors, if any]
A notification in the form of [subsection] (3) of this section is sufficient, even if additional information appears at the end of the form.
A notification in the form of [subsection] (3) of this section is sufficient, even if it includes errors in information not required by [subsection] (1) of this section, unless the error is misleading with respect to rights arising under this Article.
If a notification under this section is not in the form of [subsection] (3) of this section, law other than this Article determines the effect of including information not required by [subsection] (1) of this section.
[ 2000 c 250 § 9A-614; ]
The reasonable expenses of retaking, holding, preparing for disposition, processing, and disposing, and, to the extent provided for by agreement and not prohibited by law, reasonable attorneys' fees and legal expenses incurred by the secured party;
The satisfaction of obligations secured by the security interest or agricultural lien under which the disposition is made;
The satisfaction of obligations secured by any subordinate security interest in or other subordinate lien on the collateral if:
The secured party receives from the holder of the subordinate security interest or other lien an authenticated demand for proceeds before distribution of the proceeds is completed; and
A secured party that is a consignor of the collateral if the secured party receives from the consignor an authenticated demand for proceeds before distribution of the proceeds is completed.
Proof of subordinate interest. If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder does so, the secured party need not comply with the holder's demand under subsection (a)(3) of this section.
Application of noncash proceeds. A secured party need not apply or pay over for application noncash proceeds of disposition under RCW 62A.9A-610 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
Surplus or deficiency if obligation secured. If the security interest under which a disposition is made secures payment or performance of an obligation, after making the payments and applications required by subsection (a) of this section and permitted by subsection (c) of this section:
Unless subsection (a)(4) of this section requires the secured party to apply or pay over cash proceeds to a consignor, the secured party shall account to and pay a debtor for any surplus; and
The obligor is liable for any deficiency.
The debtor is not entitled to any surplus; and
The obligor is not liable for any deficiency.
[Reserved]
Cash proceeds received by junior secured party. A secured party that receives cash proceeds of a disposition in good faith and without knowledge that the receipt violates the rights of the holder of a security interest or other lien that is not subordinate to the security interest or agricultural lien under which the disposition is made:
Takes the cash proceeds free of the security interest or other lien;
Is not obligated to apply the proceeds of the disposition to the satisfaction of obligations secured by the security interest or other lien; and
Is not obligated to account to or pay the holder of the security interest or other lien for any surplus.
[ 2001 c 32 § 43; 2000 c 250 § 9A-615; ]
"Explanation" means a writing that:
States the amount of the surplus or deficiency;
Provides an explanation in accordance with subsection (c) of this section of how the secured party calculated the surplus or deficiency;
States, if applicable, that future debits, credits, charges, including additional credit service charges or interest, rebates, and expenses may affect the amount of the surplus or deficiency; and
Provides a telephone number or mailing address from which additional information concerning the transaction is available.
"Request" means a record:
Authenticated by a debtor or consumer obligor;
Requesting that the recipient provide an explanation; and
Send an explanation to the debtor or consumer obligor, as applicable, after the disposition and:
Before or when the secured party accounts to the debtor and pays any surplus or first makes written demand on the consumer obligor after the disposition for payment of the deficiency; and
In the case of a consumer obligor who is liable for a deficiency, within fourteen days after receipt of a request, send to the consumer obligor a record waiving the secured party's right to a deficiency.
The aggregate amount of obligations secured by the security interest under which the disposition was made, and, if the amount reflects a rebate of unearned interest or credit service charge, an indication of that fact, calculated as of a specified date:
If the secured party takes or receives possession of the collateral after default, not more than thirty-five days before the secured party takes or receives possession; or
The amount of proceeds of the disposition;
The aggregate amount of the obligations after deducting the amount of proceeds;
The amount, in the aggregate or by type, and types of expenses, including expenses of retaking, holding, preparing for disposition, processing, and disposing of the collateral, and attorneys' fees secured by the collateral which are known to the secured party and relate to the current disposition;
The amount, in the aggregate or by type, and types of credits, including rebates of interest or credit service charges, to which the obligor is known to be entitled and which are not reflected in the amount in (1) of this subsection; and
The amount of the surplus or deficiency.
Substantial compliance. A particular phrasing of the explanation is not required. An explanation complying substantially with the requirements of subsection (a) of this section is sufficient, even if it includes minor errors that are not seriously misleading.
Charges for responses. A debtor or consumer obligor is entitled without charge to one response to a request under this section during any six-month period in which the secured party did not send to the debtor or consumer obligor an explanation pursuant to subsection (b)(1) of this section. The secured party may require payment of a charge not exceeding twenty-five dollars for each additional response.
[ 2000 c 250 § 9A-616; ]
Transfers to a transferee for value all of the debtor's rights in the collateral;
Discharges the security interest under which the disposition is made; and
Discharges any subordinate security interest or other subordinate lien.
Rights of good-faith transferee. A transferee that acts in good faith takes free of the rights and interests described in subsection (a) of this section, even if the secured party fails to comply with this Article or the requirements of any judicial proceeding.
Rights of other transferee. If a transferee does not take free of the rights and interests described in subsection (a) of this section, the transferee takes the collateral subject to:
The debtor's rights in the collateral;
The security interest or agricultural lien under which the disposition is made; and
Any other security interest or other lien.
[ 2000 c 250 § 9A-617; ]
Receives an assignment of a secured obligation from the secured party;
Receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or
Is subrogated to the rights of a secured party with respect to collateral.
Is not a disposition of collateral under RCW 62A.9A-610; and
Relieves the secured party of further duties under this Article.
[ 2000 c 250 § 9A-618; ]
That the debtor has defaulted in connection with an obligation secured by specified collateral;
That the secured party has exercised its post-default remedies with respect to the collateral;
That, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
The name and mailing address of the secured party, debtor, and transferee.
Accept the transfer statement;
Promptly amend its records to reflect the transfer; and
If applicable, issue a new appropriate certificate of title in the name of the transferee.
[ 2000 c 250 § 9A-619; ]
The debtor consents to the acceptance under subsection (c) of this section;
The secured party does not receive, within the time set forth in subsection (d) of this section, a notification of objection to the proposal authenticated by:
A person to which the secured party was required to send a proposal under RCW 62A.9A-621; or
Subsection (e) of this section does not require the secured party to dispose of the collateral or the debtor waives the requirement pursuant to RCW 62A.9A-624.
The secured party consents to the acceptance in an authenticated record or sends a proposal to the debtor; and
The conditions of subsection (a) of this section are met.
A debtor consents to an acceptance of collateral in partial satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default; and
A debtor consents to an acceptance of collateral in full satisfaction of the obligation it secures only if the debtor agrees to the terms of the acceptance in a record authenticated after default or the secured party:
Sends to the debtor after default a proposal that is unconditional or subject only to a condition that collateral not in the possession of the secured party be preserved or maintained;
In the proposal, proposes to accept collateral in full satisfaction of the obligation it secures; and
In the case of a person to which the proposal was sent pursuant to RCW 62A.9A-621, within twenty days after notification was sent to that person; and
In other cases:
Within twenty days after the last notification was sent pursuant to RCW 62A.9A-621; or
Sixty percent of the cash price has been paid in the case of a purchase-money security interest in consumer goods; or
Sixty percent of the principal amount of the obligation secured has been paid in the case of a nonpurchase-money security interest in consumer goods.
Within ninety days after taking possession; or
Within any longer period to which the debtor and all secondary obligors have agreed in an agreement to that effect entered into and authenticated after default.
[ 2000 c 250 § 9A-620; ]
Any other secured party or lienholder that, ten days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
Identified the collateral;
Was indexed under the debtor's name as of that date; and
Any other secured party that, ten days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in RCW 62A.9A-311(a).
[ 2011 c 74 § 725; 2000 c 250 § 9A-621; ]
Discharges the obligation to the extent consented to by the debtor;
Transfers to the secured party all of a debtor's rights in the collateral;
Discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and
Terminates any other subordinate interest.
[ 2000 c 250 § 9A-622; ]
Persons that may redeem. A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
Fulfillment of all obligations secured by the collateral; and
The reasonable expenses and attorneys' fees described in RCW 62A.9A-615(a)(1).
Has collected collateral under RCW 62A.9A-607;
Has disposed of collateral or entered into a contract for its disposition under RCW 62A.9A-610; or
Has accepted collateral in full or partial satisfaction of the obligation it secures under RCW 62A.9A-622.
[ 2000 c 250 § 9A-623; ]
Waiver of disposition notification. A debtor may waive the right to notification of disposition of collateral under RCW 62A.9A-611 only by an agreement to that effect entered into and authenticated after default.
Waiver of mandatory disposition. A debtor may waive the right to require disposition of collateral under RCW 62A.9A-620(e) only by an agreement to that effect entered into and authenticated after default.
Waiver of redemption right. Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under RCW 62A.9A-623 only by an agreement to that effect entered into and authenticated after default.
[ 2000 c 250 § 9A-624; ]
Judicial orders concerning noncompliance. If it is established that a secured party is not proceeding in accordance with this Article, a court may order or restrain collection, enforcement, or disposition of collateral on appropriate terms and conditions.
Damages for noncompliance. Subject to subsections (c), (d), and (f) of this section, a person is liable for damages in the amount of any loss caused by a failure to comply with this Article or by filing a false statement under RCW 62A.9A-607(b) or 62A.9A-619. Loss caused by a failure to comply may include loss resulting from the debtor's inability to obtain, or increased costs of, alternative financing.
Persons entitled to recover damages; statutory damages in consumer-goods transaction. Except as otherwise provided in RCW 62A.9A-628:
A person that, at the time of the failure, was a debtor, was an obligor, or held a security interest in or other lien on the collateral may recover damages under subsection (b) of this section for its loss; and
If the collateral is consumer goods, a person that was a debtor or a secondary obligor at the time a secured party failed to comply with this part may recover for that failure in any event an amount not less than the credit service charge plus ten percent of the principal amount of the obligation or the time-price differential plus ten percent of the cash price.
Recovery when deficiency eliminated or reduced. A debtor whose deficiency is eliminated under RCW 62A.9A-626 may recover damages for the loss of any surplus. However, a debtor or secondary obligor may not recover under subsection (b) or (c)(2) of this section for noncompliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance to the extent that its deficiency is eliminated or reduced under RCW 62A.9A-626.
Statutory damages: Noncompliance with specified provisions. In addition to any damages recoverable under subsection (b) of this section, the debtor, consumer obligor, or person named as a debtor in a filed record, as applicable, may recover five hundred dollars in each case from a person that:
Fails to comply with RCW 62A.9A-208;
Fails to comply with RCW 62A.9A-209;
Files a record that the person is not entitled to file under RCW 62A.9A-509(a);
Fails to cause the secured party of record to file or send a termination statement as required by RCW 62A.9A-513 (a) or (c) within twenty days after the secured party receives an authenticated demand from a debtor;
Fails to comply with RCW 62A.9A-616(b)(1) and whose failure is part of a pattern, or consistent with a practice, of noncompliance; or
Fails to comply with RCW 62A.9A-616(b)(2).
Statutory damages: Noncompliance with RCW 62A.9A-210. A debtor or consumer obligor may recover damages under subsection (b) of this section and, in addition, five hundred dollars in each case from a person that, without reasonable cause, fails to comply with a request under RCW 62A.9A-210. A recipient of a request under RCW 62A.9A-210 which never claimed an interest in the collateral or obligations that are the subject of a request under RCW 62A.9A-210 has a reasonable excuse for failure to comply with the request within the meaning of this subsection.
Limitation of security interest: Noncompliance with RCW 62A.9A-210. If a secured party fails to comply with a request regarding a list of collateral or a statement of account under RCW 62A.9A-210, the secured party may claim a security interest only as shown in the list or statement included in the request as against a person that is reasonably misled by the failure.
[ 2011 c 74 § 726; 2001 c 32 § 44; 2000 c 250 § 9A-625; ]
A secured party need not prove compliance with the provisions of this part relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.
If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with this part.
Except as otherwise provided in RCW 62A.9A-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of this part relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorneys' fees exceeds the greater of:
The proceeds of the collection, enforcement, disposition, or acceptance; or
For purposes of (3)(B) of this subsection, the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorneys' fees unless the secured party proves that the amount is less than that sum.
[ 2000 c 250 § 9A-626; ]
Greater amount obtainable under other circumstances; no preclusion of commercial reasonableness. The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
In the usual manner on any recognized market;
At the price current in any recognized market at the time of the disposition; or
Otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
In a judicial proceeding;
By a bona fide creditors' committee;
By a representative of creditors; or
By an assignee for the benefit of creditors.
[ 2000 c 250 § 9A-627; ]
The secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with this Article; and
The secured party's failure to comply with this Article does not affect the liability of the person for a deficiency.
To a person that is a debtor or obligor, unless the secured party knows:
That the person is a debtor or obligor;
The identity of the person; and
To a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
That the person is a debtor; and
A debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
An obligor's representation concerning the purpose for which a secured obligation was incurred.
Limitation of liability for statutory damages. A secured party is not liable to any person under RCW 62A.9A-625(c)(2) for its failure to comply with RCW 62A.9A-616.
Limitation of multiple liability for statutory damages. A secured party is not liable under RCW 62A.9A-625(c)(2) more than once with respect to any one secured obligation.
[ 2011 c 74 § 727; 2001 c 32 § 45; 2000 c 250 § 9A-628; ]
This act takes effect July 1, 2001.
[ 2000 c 250 § 9A-701; ]
Preeffective-date transactions or liens. Except as otherwise provided in this section, Article 62A.9A RCW applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before July 1, 2001.
Transactions and liens that were not governed by *Article 62A.9 RCW, were validly entered into or created before July 1, 2001, and would be subject to Article 62A.9A RCW if they had been entered into or created after July 1, 2001, and the rights, duties, and interests flowing from those transactions and liens remain valid after July 1, 2001; and
The transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by Article 62A.9A RCW or by the law that otherwise would apply if Article 62A.9A RCW had not taken effect.
[ 2001 c 32 § 46; 2000 c 250 § 9A-702; ]
Continuing priority over lien creditor: Perfection requirements satisfied. A security interest that is enforceable immediately before July 1, 2001, and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under Article 62A.9A RCW if, on or before July 1, 2001, the applicable requirements for enforceability and perfection under Article 62A.9A RCW are satisfied without further action.
Is a perfected security interest for one year after July 1, 2001;
Remains enforceable thereafter only if the security interest becomes enforceable under RCW 62A.9A-203 before the year expires; and
Remains perfected thereafter only if the applicable requirements for perfection under Article 62A.9A RCW are satisfied before the year expires.
[ 2001 c 32 § 47; 2000 c 250 § 9A-703; ]
A security interest that is enforceable immediately before July 1, 2001, but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
Remains an enforceable security interest for one year after July 1, 2001;
Remains enforceable thereafter if the security interest becomes enforceable under RCW 62A.9A-203 on or before July 1, 2001, or within one year thereafter; and
Becomes perfected:
Without further action, on July 1, 2001, if the applicable requirements for perfection under Article 62A.9A RCW are satisfied before or at that time; or
[ 2001 c 32 § 48; 2000 c 250 § 9A-704; ]
Preeffective-date action; one-year perfection period unless reperfected. If action, other than the filing of a financing statement, is taken before July 1, 2001, and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before July 1, 2001, the action is effective to perfect a security interest that attaches under Article 62A.9A RCW within one year after July 1, 2001. An attached security interest becomes unperfected one year after July 1, 2001, unless the security interest becomes a perfected security interest under Article 62A.9A RCW before the expiration of that period.
Preeffective-date filing. The filing of a financing statement before July 1, 2001, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under Article 62A.9A RCW.
Preeffective-date filing in jurisdiction formerly governing perfection. Article 62A.9A RCW does not render ineffective an effective financing statement that, before July 1, 2001, is filed and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former *RCW 62A.9-103. However, except as otherwise provided in subsections (d) and (e) of this section and RCW 62A.9A-706, the financing statement ceases to be effective at the earlier of:
The time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or
June 30, 2006.
Continuation statement. The filing of a continuation statement after July 1, 2001, does not continue the effectiveness of the financing statement filed before July 1, 2001. However, upon the timely filing of a continuation statement after July 1, 2001, and in accordance with the law of the jurisdiction governing perfection as provided in Part 3, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2001, continues for the period provided by the law of that jurisdiction.
Application of subsection (c)(2) of this section to transmitting utility financing statement. Subsection (c)(2) of this section applies to a financing statement that, before July 1, 2001, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in former *RCW 62A.9-103 only to the extent that Part 3 provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
Application of Part 5. A financing statement that includes a financing statement filed before July 1, 2001, and a continuation statement filed after July 1, 2001, is effective only to the extent that it satisfies the requirements of Part 5 for an initial financing statement.
[ 2001 c 32 § 49; 2000 c 250 § 9A-705; ]
The filing of an initial financing statement in that office would be effective to perfect a security interest under Article 62A.9A RCW;
The preeffective-date financing statement was filed in an office in another state or another office in this state; and
The initial financing statement satisfies subsection (c) of this section.
If the initial financing statement is filed before July 1, 2001, for the period provided in *RCW 62A.9-403 with respect to a financing statement; and
If the initial financing statement is filed after July 1, 2001, for the period provided in RCW 62A.9A-515 with respect to an initial financing statement.
Satisfy the requirements of Part 5 for an initial financing statement;
Identify the preeffective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
Indicate that the preeffective-date financing statement remains effective.
[ 2001 c 32 § 50; 2000 c 250 § 9A-706; ]
Preeffective-date financing statement. In this section, "preeffective-date financing statement" means a financing statement filed before July 1, 2001.
Applicable law. On or after July 1, 2001, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in Part 3. However, the effectiveness of a preeffective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
Method of amending: General rule. Except as otherwise provided in subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a preeffective-date financing statement may be amended on or after July 1, 2001, only if:
The preeffective-date financing statement and an amendment are filed in the office specified in RCW 62A.9A-501;
An amendment is filed in the office specified in RCW 62A.9A-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies RCW 62A.9A-706(c); or
An initial financing statement that provides the information as amended and satisfies RCW 62A.9A-706(c) is filed in the office specified in RCW 62A.9A-501.
Method of amending: Continuation. If the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement may be continued only under RCW 62A.9A-705 (d) and (f) or 62A.9A-706.
Method of amending: Additional termination rule. Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective-date financing statement filed in this state may be terminated on or after July 1, 2001, by filing a termination statement in the office in which the preeffective-date financing statement is filed, unless an initial financing statement that satisfies RCW 62A.9A-706(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in Part 3 as the office in which to file a financing statement.
[ 2001 c 32 § 51; 2000 c 250 § 9A-707; ]
A person may file an initial financing statement or a continuation statement under this part if:
The secured party of record authorizes the filing; and
The filing is necessary under this part:
To continue the effectiveness of a financing statement filed before July 1, 2001; or
[ 2001 c 32 § 52; 2000 c 250 § 9A-708; ]
Law governing priority. Article 62A.9A RCW determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2001, *Article 62A.9 RCW determines priority.
[ 2001 c 32 § 53; ]
Continuing perfection: Perfection requirements satisfied. A security interest that is a perfected security interest immediately before July 1, 2013, is a perfected security interest under chapter 62A.9A RCW if, on July 1, 2013, the applicable requirements for attachment and perfection under chapter 62A.9A RCW as of July 1, 2013, are satisfied without further action.
[ 2011 c 74 § 602; ]
A security interest that is an unperfected security interest immediately before July 1, 2013, becomes a perfected security interest:
Without further action, on July 1, 2013, if the applicable requirements for perfection under chapter 62A.9A RCW are satisfied before or at that time; or
[ 2011 c 74 § 603; ]
Preeffective date filing effective. The filing of a financing statement before July 1, 2013, is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under chapter 62A.9A RCW as of July 1, 2013.
If the financing statement is filed in this state, at the time the financing statement would have ceased to be effective had this section not taken effect; or
If the financing statement is filed in another jurisdiction, at the earlier of:
The time the financing statement would have ceased to be effective under the law of that jurisdiction; or
Continuation statement. The filing of a continuation statement after July 1, 2013, does not continue the effectiveness of a financing statement filed before July 1, 2013. However, upon the timely filing of a continuation statement after July 1, 2013, and in accordance with the law of the jurisdiction governing perfection as provided in chapter 62A.9A RCW as of July 1, 2013, the effectiveness of a financing statement filed in the same office in that jurisdiction before July 1, 2013, continues for the period provided by the law of that jurisdiction.
Application of subsection (b)(2)(B) to transmitting utility financing statement. Subsection (b)(2)(B) of this section applies to a financing statement that, before July 1, 2013, is filed against a transmitting utility and satisfies the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in chapter 62A.9A RCW as it existed before July 1, 2013, only to the extent that chapter 62A.9A RCW as of July 1, 2013, provides that the law of a jurisdiction other than the jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
Application of Part 4. A financing statement that includes a financing statement filed before July 1, 2013, and a continuation statement filed after July 1, 2013, is effective only to the extent that it satisfies the requirements of RCW 62A.9A-502, 62A.9A-503, 62A.9A-507, 62A.9A-515, 62A.9A-516, 62A.9A-518, and 62A.9A-521 as of July 1, 2013, for an initial financing statement. A financing statement that indicates that the debtor is a decedent's estate indicates that the collateral is being administered by a personal representative within the meaning of RCW 62A.9A-503(a)(2) as of July 1, 2013. A financing statement that indicates that the debtor is a trust or is a trustee acting with respect to property held in trust indicates that the collateral is held in a trust within the meaning of RCW 62A.9A-503(a)(3) as of July 1, 2013.
[ 2011 c 74 § 604; ]
The filing of an initial financing statement in that office would be effective to perfect a security interest under chapter 62A.9A RCW as of July 1, 2013;
The preeffective date financing statement was filed in an office in another state; and
The initial financing statement satisfies subsection (c) of this section.
If the initial financing statement is filed before July 1, 2013, for the period provided in RCW 62A.9A-515, as it existed before July 1, 2013, with respect to an initial financing statement; and
If the initial financing statement is filed after July 1, 2013, for the period provided in RCW 62A.9A-515 as of July 1, 2013, with respect to an initial financing statement.
Beginning on July 1, 2013, satisfy the requirements of RCW 62A.9A-502, 62A.9A-503, 62A.9A-507, 62A.9A-515, 62A.9A-516, 62A.9A-518, and 62A.9A-521 for an initial financing statement;
Identify the preeffective date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
Indicate that the preeffective date financing statement remains effective.
[ 2011 c 74 § 605; ]
"Preeffective date financing statement." For the purposes of this section, "preeffective date financing statement" means a financing statement filed before July 1, 2013.
Applicable law. After July 1, 2013, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a preeffective date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in chapter 62A.9A RCW as of July 1, 2013. However, the effectiveness of a preeffective date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.
Method of amending: General rule. Except as otherwise provided in subsection (d) of this section, if the law of this state governs perfection of a security interest, the information in a preeffective date financing statement may be amended after July 1, 2013, only if:
The preeffective date financing statement and an amendment are filed in the office specified in RCW 62A.9A-501;
An amendment is filed in the office specified in RCW 62A.9A-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies RCW 62A.9A-806(c); or
An initial financing statement that provides the information as amended and satisfies RCW 62A.9A-806(c) is filed in the office specified in RCW 62A.9A-501.
Method of amending: Continuation. If the law of this state governs perfection of a security interest, the effectiveness of a preeffective date financing statement may be continued only under RCW 62A.9A-805 (c) or (e) or 62A.9A-806.
Method of amending: Additional termination rule. Whether or not the law of this state governs perfection of a security interest, the effectiveness of a preeffective date financing statement filed in this state may be terminated after July 1, 2013, by filing a termination statement in the office in which the preeffective date financing statement is filed, unless an initial financing statement that satisfies RCW 62A.9A-806(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in chapter 62A.9A RCW as of July 1, 2013, as the office in which to file a financing statement.
[ 2011 c 74 § 606; ]
A person may file an initial financing statement or a continuation statement under this part if:
The secured party of record authorizes the filing; and
To continue the effectiveness of a financing statement filed before July 1, 2013; or
To perfect or continue the perfection of a security interest.
[ 2011 c 74 § 607; ]
Chapter 74, Laws of 2011 determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before July 1, 2013, chapter 62A.9A RCW as it existed before July 1, 2013, determines priority.
[ 2011 c 74 § 608; ]