Fla. Stat. § 679.1011
Short title
This chapter may be cited as Uniform Commercial Code—Secured Transactions.
Florida Statutes Chapter 679 — UNIFORM COMMERCIAL CODE: SECURED TRANSACTIONS
Florida · statute · Fla. Stat. ch. 679 · 152 active provisions
Fla. Stat. § 679.1021
Definitions and index of definitions
(1) In this chapter, the term:(a) “Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.(b) “Account,” except as used in “account for,” “account statement,” “account to,” “commodity account” as used in paragraph (o), “customer account,”…
Fla. Stat. § 679.1031
Purchase-money security interest; application of payments; burden of establishing
(1) In this section, the term:(a) “Purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral.(b) “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 th…
Fla. Stat. § 679.1041
Control of deposit account
(1) A secured party has control of a deposit account if any of the following applies:(a) The secured party is the bank with which the deposit account is maintained.(b) The debtor, secured party, and bank have agreed in a signed record that the bank will comply with instructions originated by the secured party directing…
Fla. Stat. § 679.1051
Control of electronic chattel paper
(1) A purchaser has control of an authoritative electronic copy of a record evidencing chattel paper if a system employed for evidencing the assignment of interests in the chattel paper reliably establishes the purchaser as the person to which the authoritative electronic copy was assigned.(2) A system satisfies subsec…
Fla. Stat. § 679.1052
Control of electronic money
(1) A person has control of electronic money if both of the following apply:(a) The electronic money, a record attached to or logically associated with the electronic money, or a system in which the electronic money is recorded gives the person:1. Power to avail itself of substantially all the benefit from the electron…
Fla. Stat. § 679.1053
Control of controllable electronic record, controllable account, or controllable payment intangible
(1) A secured party has control of a controllable electronic record as provided in s. 669.105.(2) A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the controllable account or controllable paymen…
Fla. Stat. § 679.1054
No requirement to acknowledge or confirm; no duties
(1) A person that has control under s. 679.1051, s. 679.1052, or s. 679.1053 is not required to acknowledge that it has control on behalf of another person.(2) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees, or law other than this chapter othe…
Fla. Stat. § 679.1061
Control of investment property
(1) A person has control of a certificated security, uncertificated security, or security entitlement as provided in s. 678.1061.(2) A secured party has control of a commodity contract if:(a) The secured party is the commodity intermediary with which the commodity contract is carried; or(b) The commodity customer, secu…
Fla. Stat. § 679.1071
Control of letter-of-credit right
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 s. 675.114(3) or otherwise applicable law or practice.
Fla. Stat. § 679.1081
Sufficiency of description
(1) Except as otherwise provided herein and in subsections (3), (4), and (5), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described. A description of real estate in a record filed to perfect a security interest in crops growing or to be gr…
Fla. Stat. § 679.1091
Scope
(1) Except as otherwise provided in subsections (3) and (4), this chapter applies to:(a) A transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;(b) An agricultural lien;(c) A sale of accounts, chattel paper, payment intangibles, or promissory notes;(d) A con…
Fla. Stat. § 679.1101
Security interests arising under chapter 672 or chapter 680
A security interest arising under s. 672.401, s. 672.505, s. 672.711(3), or s. 680.508(5) is subject to this chapter. However, until the debtor obtains possession of the goods:(1) The security interest is enforceable, even if s. 679.2031(2)(c) has not been satisfied;(2) Filing is not required to perfect the security in…
Fla. Stat. § 679.2011
General effectiveness of security agreement
(1) 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.(2) Nothing in this chapter validates any charge or practice illegal under any statute or regulation thereunder gover…
Fla. Stat. § 679.2021
Title to collateral immaterial
Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this chapter with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.
Fla. Stat. § 679.2031
Attachment and enforceability of security interest; proceeds; supporting obligations; formal requisites
(1) 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.(2) Except as otherwise provided in subsections (3)-(10), a security interest is enforceable against the debtor and third parties w…
Fla. Stat. § 679.2041
After-acquired property; future advances
(1) Except as otherwise provided in subsection (2), a security agreement may create or provide for a security interest in after-acquired collateral.(2) Subject to subsection (3), a security interest does not attach under a term constituting an after-acquired property clause to:(a) Consumer goods, other than an accessio…
Fla. Stat. § 679.2051
Use or disposition of collateral permissible
(1) A security interest is not invalid or fraudulent against creditors solely because:(a) The debtor has the right or ability to:1. Use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;2. Collect, compromise, enforce, or otherwise deal with collateral;3. Accept the return…
Fla. Stat. § 679.2061
Security interest arising in purchase or delivery of financial asset
(1) A security interest in favor of a securities intermediary attaches to a person’s security entitlement if:(a) 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; a…
Fla. Stat. § 679.2071
Rights and duties of secured party having possession or control of collateral
(1) Except as otherwise provided in subsection (4), 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 ot…
Fla. Stat. § 679.2081
Additional duties of secured party having control of collateral
(1) 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.(2) Within 10 days after receiving a signed demand by the debtor:(a) A secured party having control of a deposit account under s. 679.…
Fla. Stat. § 679.209
Duties of secured party if account debtor has been notified of assignment
(1) Except as otherwise provided in subsection (3), this section applies if:(a) There is no outstanding secured obligation; and(b) The secured party is not committed to make advances, incur obligations, or otherwise give value.(2) Within 10 days after receiving a signed demand by the debtor, a secured party shall send…
Fla. Stat. § 679.210
Request for accounting; request regarding list of collateral or statement of account
(1) In this section, the term:(a) “Request” means a record of a type described in paragraph (b), paragraph (c), or paragraph (d).(b) “Request for an accounting” means a record signed by a debtor requesting that the recipient provide an accounting of the unpaid obligations secured by collateral and reasonably identifyin…
Fla. Stat. § 679.3011
Law governing perfection and priority of security interests
Except as otherwise provided in ss. 679.1091 and 679.3031-679.3062, the following rules determine the law governing perfection, the effect of perfection or nonperfection, and the priority of a security interest in collateral:(1) Except as otherwise provided in this section, while a debtor is located in a jurisdiction,…
Fla. Stat. § 679.3021
Law governing perfection and priority of agricultural liens
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.
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