Section 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