Page:United States Statutes at Large Volume 77.djvu/777

 77 STAT. ]

PUBLIC LAW 88-243-DEC. 30, 1963

§28:8—407. Limitation of actions (1) In the exenf of registration, either before or after this subtitle becomes effective, of a transfer or purported transfer of a security to a person not entitled to it, no action of any kind, legal or equitable, to compel the issue, reissue or delivery of a like security or to obtain damages or any other relief as a result of or in connection with such registration may be brought, subject to subsection (2), by the true owner or any other person against an issuer, authenticating trustee, transfer agent, registrar, or other agent for an issuer in the registration of transfers of its securities, more than eight years after the date on which such registration to a person not entitled has taken place. (2) The time limitations in subsections (1) and (8) of this section may not be tolled or suspended for any reason. This section is additional to, and does not prevent or art'ect the application of, any other statute of limitations as a defense to any action. This section applies to claims or causes of action which have accrued before this subtitle becomes effective as well as to those which accrue after this subtitle becomes effective. This section does not apply to any action against an issuer which at the time of such registration has fewer than fifty persons registered upon books maintained for that purpose as holders of the class and series, if any, of the security so registered to the person not entitled to it. (3) If the eight year period specified in this section expires prior to one year after the effective date of this subtitle, such period is extended to one year after such effective date.

ARTICLE 9—SECURED TRANSACTIONS; SALES OF ACCOUNTS, CONTRACT RIGHTS AND CHATTEL PAPER PART 1—SHORT TITLE, APPLICABILITY AND DEFINITIONS

Sec. 28:9—101. Short title. 28:9—102. Policy and scope of article. 28:9—103. Accounts, contract rights, general intangibles and equipment relating to another jurisdiction; and incoming goods already subject to a security interest. 28:9—104. Transactions excluded from article. 28:9—105. Definitions and index of definitions. 28:9—106. Definitions: "account"; "contract right"; "general intangibles". 28:9—107. Definitions: "purchase money security interest". 28:9—108. When after-acquired collateral not security for antecedent debt. 28:9—109. Classification of goods; "consumer goods"; "equipment"; "farm p r o d u c t s "; "inventory". 28:9—110. Sufficiency of description. 28:9—111. Applicability of bulk transfer laws. 28:9—^112. Where collateral is not owned by debtor. 28:9—113. Security interests arising under article on sales. P A R T 2—VALIDITY OF SECURITY AGREEMENT AND R I G H T S OF PARTIES THERETO

28:9—201. 28:9—202. 28:9—203. 28:9—204. 28:9—205. 28:9—206. 28:9—207. 28:9—208.

General validity of security agreement. Title to collateral immaterial. Enforceability of security i n t e r e s t; proceeds, formal requisites. When security interest a t t a c h e s; after-acquired property; future advances. Use or disposition of collateral without accounting permissible. Agreement not to assert defenses against assignee; modification of sales w a r r a n t i e s w h e r e security agreement exists. Rights and duties when collateral is in secured party ' s possession. Request for statement of account or list of collateral.

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