The Uniform Commercial Code (UCC) is a comprehensive code addressing most aspects of commercial law. Article 9 governs how security interests may be obtained in personal property that a borrower and a lender agree will serve as security for payment of specified debts. In Article 9 the borrower is referred to as the “debtor” and the lender is referred to as the “secured party.” Fundamental concepts under Article 9 include how a security interest is imposed on property (“attachment”); how security interests are made complete (“perfected”); and what remedies are available to the secured party if the debtor defaults in payment or performance of the secured debt or obligation.

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