E "Uniform Commercial Code-Secured Transactions"; enacting the revised article of the uniform commercial code (UCC) regulating secured transactions ARTICLE 1 - UNIFORM COMMERCIAL CODE, revised article 9 - SECURED TRANSACTIONS Part 1 - GENERAL PROVISIONS Defining certain terms; regulating purchase money security interests and secured party control of deposit accounts, electronic chattel paper, investment property and letter of credit right; providing for the sufficiency of description of personal or real property; defining the applicability and scope of the provisions Part 2 - EFFECTIVENESS OF SECURITY AGREEMENT; ATTACHMENT OF SECURITY INTEREST; RIGHTS OF PARTIES TO SECURITY AGREEMENT Providing for the general effectiveness of security agreements, for the attachment and enforceability of security interests, for security interests in after acquired collateral and for certain future advances, for the use or disposition of collateral, for security interests in the purchase or delivery of financial assets, for certain rights and duties of secured parties and for requests for accounting Part 3 - PERFECTION AND PRIORITY Providing for the determination of law governing perfection and priority of security interests, of agricultural liens and of security interests in goods covered by a certificate of title, in deposit accounts, in investment property and in letter of credit rights; providing for the determination of the location of debtors; regulating and providing for perfection of security interests and certain liens; regulating the priority between creditors and purchasers; providing for certain future advances and for the priority of purchase money security interests, of security interests in transferred collateral, deposit accounts, investment property, letters of credit rights, in certain financial assets and security entitlements, in fixtures and crops and in goods covered by certificate of title and of security interests created by new debtors; providing for the transfer of money and of funds from deposit accounts; providing for the priority of certain liens, for the creation of security interests in accession and for the treatment of commingled goods; subjecting priorities to subordination; providing for the rights of banks Part 4 - RIGHTS OF THIRD PARTIES Providing for the alienability of the rights of debtors; exempting secured parties from liability in contract or tort for debtor acts or omissions; providing for agreement not to assert defenses against assignees, for rights acquired by and claims and defenses against assignees, for modification of assigned contracts, for discharge of account debtors, for proof of assignment and for restrictions on the creation or enforcement of security interests in leasehold or residual interests and for the ineffectiveness of certain restrictions on certain other assignments Part 5 - FILING Designating certain filing offices; providing for the contents, duration, effectiveness and filing of financing statements, for the sufficiency of debtor name, for the indication of collateral, for the filing of consignments, leases, bailments and other transactions, for the effect of errors and omissions and the effect of certain events on the effectiveness of financing statements, for persons entitled to file records, for the effectiveness of filed records, for the secured party of record, for amendment of financing statements, for termination statements, for the assignment of powers of secured parties of record, for the effect of lapsed financing statements, for the effectiveness of filing, for the effect of indexing errors and for claims relating to inaccurate or wrongfully filed records; specifying the duties and providing for the operation of filing offices and for fees; requiring annual reports by the secretary of state to the legislature on the operation of the filing office; authorizing the secretary of state to establish satellite offices, providing for filing and the assignment of filing information, for the maintenance and retrieval of documents and data and for assurance of the uniformity of services at the offices Part 6 - DEFAULT Providing for rights after default, for waiver and variance of rights and duties and for agreement on standards relating to rights and duties; prescribing the procedure for security agreements covering real property or fixtures; exempting secured parties from certain duties to unknown debtors or secondary obligors; providing for the time of default for agricultural liens, for collection and enforcement by secured parties, for the application of proceeds of collection or enforcement and liability, for no surplus or deficiency in sales of certain rights, for the right of secured parties to take possession and for disposition of collateral after default, for the application of proceeds of disposition, for explanation of calculation of surplus or deficiency, for the rights of transferee of collateral, for the rights and duties of certain secondary obligors, for the transfer of record or legal title, for acceptance of collateral in full or partial satisfaction of obligations, for compulsory disposition of collateral, for notice of proposal to accept collateral, for the effect of acceptance of collateral, for the right to redeem collateral and for waiver of disposition notice, mandatory disposition and redemption right; specifying remedies for secured party failure to comply with the requirements; providing for certain deficiency or surplus actions, for determination of commercially reasonable conduct and for the nonliability of secured parties and for the liability of secondary obligors Part 7 - TRANSITION Specifying the effective date of the provisions; savings clause; providing for security interests perfected and unperfected and the effectiveness of action taken before the effective date, providing for the filing of initial financing statements in lieu of continuation statements, for amendment of preeffective date financing statements, for persons entitled to file initial financing statements or continuation statements and for priority; requiring the secretary of state to adopt rules governing the establishment and operation of satellite offices under the procedure for adopting exempt rules and authorizing the secretary of state to adopt expedited rules governing the establishment and operation of the central filing system, sunsetting the rule adoption authority; repealing the existing provisions regulating secured transactions ARTICLE 2 - CONFORMING AMENDMENTS TO OTHER ARTICLESMaking conforming amendments to certain statutory provisions under the uniform commercial code (UCC) relating to territorial application of the law, certain definitions, the delegation of performance and the assignment of contract rights, consignment sales, buyer rights to goods and to replevin, security interests and rights under lease contracts, the priority of certain liens, security interests in certain bank documents and of letters of credit issuers or nominated persons, documents of title to warehouse goods, commodity contracts, control of security entitlements, securities intermediary jurisdiction and the rights of purchasers of security entitlements from entitlement holders (mk, ja)