§ 9-335 — Accessions

New York § 9-335

• Jurisdiction: New York
• Law UCC: Uniform Commercial Code
• Part 3: Perfection and Priority
• Subpart 3: Priority
• Art. 9: Secured Transactions

Text

Section 9--335. Accessions.\n (a) Creation of security interest in accession. A security interest\nmay be created in an accession and continues in collateral that becomes\nan accession.\n (b) Perfection of security interest. If a security interest is\nperfected when the collateral becomes an accession, the security\ninterest remains perfected in the collateral.\n (c) Priority of security interest. Except as otherwise provided in\nsubsection (d), the other provisions of this part determine the priority\nof a security interest in an accession.\n (d) Compliance with certificate-of-title statute. A security interest\nin an accession is subordinate to a security interest in the whole which\nis perfected by compliance with the requirements of a\ncertificate-of-title statute under Section 9--311 (b).\n (e) Removal of accession after default. After default, subject to Part\n6, a secured party may remove an accession from other goods if the\nsecurity interest in the accession has priority over the claims of every\nperson having an interest in the whole.\n (f) Reimbursement following removal. A secured party that removes an\naccession from other goods under subsection (e) shall promptly reimburse\nany holder of a security interest or other lien on, or owner of, the\nwhole or of the other goods, other than the debtor, for the cost of\nrepair of any physical injury to the whole or the other goods. The\nsecured party need not reimburse the holder or owner for any diminution\nin value of the whole or the other goods caused by the absence of the\naccession removed or by any necessity for replacing it. A person\nentitled to reimbursement may refuse permission to remove until the\nsecured party gives adequate assurance for the performance of the\nobligation to reimburse.\n