400.9-201. General effectiveness of security agreement.
General effectiveness of security agreement.
400.9-201. (a) Except as otherwise provided in chapter 400, asecurity 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 anyapplicable 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 orregulation described in subsection (b) has only the effect the statute orregulation specifies.
(d) This article does not:
(1) Validate any rate, charge, agreement, or practice that violates arule of law, statute, or regulation described in subsection (b); or
(2) Extend the application of the rule of law, statute, or regulationto a transaction not otherwise subject to it.
(L. 1963 p. 503 § 9-201, A.L. 2001 S.B. 288)Effective 7-01-01