South Carolina Code 36-9-109. Scope
(1) a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;
Terms Used In South Carolina Code 36-9-109
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Personal property: All property that is not real property.
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Statute: A law passed by a legislature.
- Tort: A civil wrong or breach of a duty to another person, as outlined by law. A very common tort is negligent operation of a motor vehicle that results in property damage and personal injury in an automobile accident.
(2) an agricultural lien;
(3) a sale of accounts, chattel paper, payment intangibles, or promissory notes;
(4) a consignment;
(5) a security interest arising under § 36-2-401, 36-2-505, 36-2-711(3), or 36-2A-508(5), as provided in § 36-9-110; and
(6) a security interest arising under § 36-4-208 or 36-5-118.
(b) The application of this chapter 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 chapter does not apply.
(c) This chapter does not apply to the extent that:
(1) a statute, regulation, or treaty of the United States preempts this chapter; or
(2) the rights of a transferee beneficiary or nominated person under a letter of credit are independent and superior under § 36-5-114.
(d) This chapter does not apply to:
(1) a landlord’s lien, other than an agricultural lien, but § 36-9-317 applies as to the priority of the landlord’s lien;
(2) a lien, other than an agricultural lien, given by statute or other rule of law for services or materials, but § 36-9-333 applies with respect to priority of the lien;
(3) an assignment of a claim for wages, salary, or other compensation of an employee;
(4) a sale of accounts, chattel paper, payment intangibles, or promissory notes as part of a sale of the business out of which they arose;
(5) an assignment of accounts, chattel paper, payment intangibles, or promissory notes which is for the purpose of collection only;
(6) an assignment of a right to payment under a contract to an assignee that also is obligated to perform under the contract;
(7) an assignment of a single account, payment intangible, or promissory note to an assignee in full or partial satisfaction of a preexisting indebtedness;
(8) 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 §§ 36-9-315 and 36-9-322 apply with respect to proceeds and priorities in proceeds;
(9) an assignment of a right represented by a judgment, other than a judgment taken on a right to payment that was collateral;
(10) a right of recoupment or set-off, but:
(A) § 36-9-340 applies with respect to the effectiveness of rights of recoupment or set-off against deposit accounts; and
(B) § 36-9-404 applies with respect to defenses or claims of an account debtor;
(11) 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:
(A) liens on real property in §§ 36-9-203 and 36-9-308;
(B) fixtures in § 36-9-334;
(C) fixture filings in Sections 36-9-501, 36-9-502, 36-9-512, 36-9-516, and 36-9-519; and
(D) security agreements covering personal and real property in § 36-9-604;
(12) an assignment of a claim arising in tort, other than a commercial tort claim, but §§ 36-9-315 and 36-9-322 apply with respect to proceeds and priorities in proceeds;
(13) an assignment of a deposit account in a consumer transaction, but §§ 36-9-315 and 36-9-322 apply with respect to proceeds and priorities in proceeds;
(14) a transfer by a government or governmental unit; or
(15) the creation, perfection, priority, or enforcement of any sale, assignment of, pledge of, security interest in, or other transfer of, any interest or right or portion of any interest or right in any storm recovery property as defined in § 58-27-1105(17).