CORNELL LAW
U.C.C. – ARTICLE 9 – SECURED TRANSACTIONS (2010) | UCC (See Part 3)
Perfection and Priority
[Subpart 1. Law Governing Perfection and Priority]
This is a universal standard for the perfectionning of a secured lien. The Covenant has provided notice with regards to U.C.C. 9. Below is an example in application being used by an organisation known to most people.
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“Federal Reserve Banks Operating Circular No. 10 LENDING Effective July 16, 2013” “Appendix 2 to Operating Circular No. 10” “Whereas each OC-10 Reserve Bank would like to perfect its security interest in each Account now or hereafter maintained at any Account Maintaining Reserve Bank by control, as such term is used in Articles 8 and 9 of the Uniform Commercial Code in effect in the relevant jurisdictions; and…” |
Here is an example from the Federal Reserve regarding an asset used as collateral by funding and borrowing regimes who willingly lend and borrow in exchange for currency and/or is it really for U.S. bills? (see “what is a US bill“). The Federal Reserve Banks Operating Circular No. 10 Titled “LENDING” dated July 16, 2013 goes on to say that “…this is the op circular that must be signed by the borrower with the fed bank whereby the ucc 8 and 9 apply in their terms of control agreement and that the section 18.0 GOVERNING LAW and in the section 18.1 The Lending Agreement, ….is a security agreement for purposes of the UCC, …”
It further states in section 6 “6.0 GRANT OF SECURITY INTEREST For value received…, the Borrower hereby transfers and assigns to the Bank and grants to the Bank for itself and as agent for each other Reserve Bank …, a continuing security interest in and lien on the Collateral as collateral security … of all Obligations.” Also, the Department of the United States Treasury has a collateral program through the Treasury’s Fiscal Service Collateral Programs at this website)
https://www.treasurydirect.gov/instit/statreg/collateral/collateral.htm
Federal Reserve Banks Operating Circular No. 10
LENDING Effective July 16, 2013
U.C.C. 9 Perfected Continued
