§ 4-9-201 — General effectiveness of security agreement

(a) Except as otherwise provided in the Uniform Commercial Code, 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 chapter is subject to any applicable rule of law which establishes a different rule for consumers; to any other statute or rule of this state that regulates the rates, charges, agreements, and practices for loans, credit sales, or other extensions of credit; to rights for workers' compensation as provided in § 11-9-110(a) ; and to any consumer-protection statute or rule of this state. (c) In case of conflict between this chapter and a rule of law, statute, or rule described in subsection (b), the rule of law, statute, or rule controls. Failure to comply with a statute or rule described in subsection (b) has only the effect the statute or rule specifies. (d) This chapter does not: (1) validate any rate, charge, agreement, or practice that violates a rule of law, statute, or rule described in subsection (b); or (2) extend the application of the rule of law, statute, or rule to a transaction not otherwise subject to it.

Legislative History

Amended by Act 2019, No. 315,§ 108, eff. 7/24/2019. Acts 2001, No. 1439, § 1.