§ 400-9-201

Title XXVI TRADE AND COMMERCE Chapter 400 • Effective - 01 Jul 2001, see footnote 400.9-201. General effectiveness of security agreement. — (a) Except as otherwise provided in chapter 400, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors. (b) A transaction subject to this article is subject to any applicable rule of law which establishes a different rule for consumers. (c) In case of conflict between this article and a rule of law, statute, or regulation described in subsection (b), the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) has only the effect the statute or regulation specifies. (d) This article does not: (1) Validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b); or (2) Extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it. ­­-------- (L. 1963 p. 503 § 9-201, A.L. 2001 S.B. 288) Effective 7-01-01