(1)  This act determines the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before this act takes effect, former Chapter 9, Secured Transactions – Sales of Accounts, Contract Rights and Chattel Paper, determines priority.

Terms Used In Utah Code 70A-9a-709

  • Contract: A legal written agreement that becomes binding when signed.
(2)  For purposes of Subsection 70A-9a-322(1), the priority of a security interest that becomes enforceable under Section 70A-9a-203 of this act dates from the time this act takes effect if the security interest is perfected under this act by the filing of a financing statement before this act takes effect which would not have been effective to perfect the security interest under former Chapter 9, Secured Transactions – Sales of Accounts, Contract Rights and Chattel Paper. This Subsection (2) does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.

Enacted by Chapter 252, 2000 General Session

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