§ 34.1-9-102 — Definitions and index of definitions

Wyoming § 34.1-9-102

• Jurisdiction: Wyoming
• Title 34.1: Uniform Commercial Code
• Art. 9: SECURED TRANSACTIONS

Text

(a) In this article:
(i) "Accession" means goods that are physically
united with other goods in such a manner that the identity of
the original goods is not lost;
(ii) "Account", except as used in "account for",
means a right to payment of a monetary obligation, whether or
not earned by performance, (1) for property that has been or is
to be sold, leased, licensed, assigned or otherwise disposed of,
(2) for services rendered or to be rendered, (3) for a policy of
insurance issued or to be issued, (4) for a secondary obligation
incurred or to be incurred, (5) for energy provided or to be
provided, (6) for the use or hire of a vessel under a charter or
other contract, (7) arising out of the use of a credit or charge
card or information contained on or for use with the card or (8)
as winnings in a lottery or other game of chance operated or
sponsored by a state, governmental unit of a state, or person
licensed or authorized to operate the game by a state or
governmental unit of a state. The term includes health-care-
insurance receivables. The term does not include (1) rights to
payment evidenced by chattel paper or an instrument, (2)
commercial tort claims, (3) deposit accounts, (4) investment
property, (5) letter-of-credit rights or letters of credit, or
(6) rights to payment for money or funds advanced or sold, other
than rights arising out of the use of a credit or charge card or
information contained on or for use with the card;
(iii) "Account debtor" means a person obligated on an
account, chattel paper or general intangible. The term does not
include persons obligated to pay a negotiable instrument, even
if the instrument constitutes part of chattel paper;
(iv) "Accounting", except as used in "accounting
for", means a record:
(A) Authenticated by a secured party;
(B) Indicating the aggregate unpaid secured
obligations as of a date not more than thirty-five (35) days
earlier or thirty-five (35) days later than the date of the
record; and
(C) Identifying the components of the
obligations in reasonable detail.
(v) "Agricultural lien" means an interest, other than
a security interest, in farm products:
(A) Which secures payment or performance of an
obligation for:
(I) Goods or services furnished in
connection with a debtor's farming operation; or
(II) Rent on real property leased by a
debtor in connection with its farming operation.
(B) Which is created by statute in favor of a
person that:
(I) In the ordinary course of its business
furnished goods or services to a debtor in connection with a
debtor's farming operation; or
(II) Leased real property to a debtor in
connection with the debtor's farming operation; and
(C) Whose effectiveness does not depend on the
person's possession of the personal property.
(vi) "As-extracted collateral" means:
(A) Oil, gas or other minerals that are subject
to a security interest that:
(I) Is created by a debtor having an
interest in the minerals before extraction; and
(II) Attaches to the minerals as extracted;
or
(B) Accounts arising out of the sale at the
wellhead or minehead of oil, gas or other minerals in which the
debtor had an interest before extraction.
(vii) "Authenticate" means:
(A) To sign; or
(B) With present intent, to adopt or accept a
record, or to attach to or logically associate with the record
an electronic sound, symbol or process.
(viii) "Bank" means an organization that is engaged
in the business of banking. The term includes savings banks,
savings and loan associations, credit unions and trust
companies;
(ix) "Cash proceeds" means proceeds that are money,
checks, deposit accounts or the like;
(x) "Certificate of title" means a certificate of
title with respect to which a statute provides for the security
interest in question to be indicated on the certificate as a
condition or result of the security interest's obtaining
priority over the rights of a lien creditor with respect to the
collateral. The term includes another record maintained as an
alternative to a certificate of title by the governmental unit
that issues certificates of title if a statute permits the
security interest in question to be indicated on the record as a
condition or result of the security interest's obtaining
priority over the rights of lien creditor with respect to the
collateral;
(xi) "Chattel paper" means a record or records that
evidence both a monetary obligation and a security interest in
specific goods, a security interest in specific goods and
software used in the goods, a security interest in specific
goods and license of software used in the goods, a lease of
specific goods, or a lease of specific goods and license of
software used in the goods. In this paragraph, "monetary
obligation" means a monetary obligation secured by the goods or
owed under a lease of the goods and includes a monetary
obligation with respect to software used in the goods. The term
does not include charters or other contracts involving the use
or hire of a vessel or records that evidence a right to payment
arising out of the use of a credit or charge card or information
contained on or for use with the card. If a transaction is
evidenced by records that include an instrument or series of
instruments, the group of records taken together constitutes
chattel paper;
(xii) "Collateral" means the property subject to a
security interest or agricultural lien. The term includes:
(A) Proceeds to which a security interest
attaches;
(B) Accounts, chattel paper, payment intangibles
and promissory notes that have been sold; and
(C) Goods that are the subject of a consignment.
(xiii) "Commercial tort claim" means a claim arising
in tort with respect to which:
(A) The claimant is an organization; or
(B) The claimant is an individual and the claim:
(I) Arose in the course of the claimant's
business or profession; and
(II) Does not include damages arising out
of personal injury to or the death of an individual.
(xiv) "Commodity account" means an account maintained
by a commodity intermediary in which a commodity contract is
carried for a commodity customer;
(xv) "Commodity contract" means a commodity futures
contract, an option on a commodity futures contract, a commodity
option or another contract if the contract or option is:
(A) Traded on or subject to the rules of a board
of trade that has been designated as a contract market for such
a contract pursuant to federal commodities laws; or
(B) Traded on a foreign commodity board of
trade, exchange or market, and is carried on the books of a
commodity intermediary for a commodity customer.
(xvi) "Commodity customer" means a person for which a
commodity intermediary carries a commodity contract on its
books;
(xvii) "Commodity intermediary" means a person that:
(A) Is registered as a futures commission
merchant under federal commodities law; or
(B) In the ordinary course of its business
provides clearance or settlement services for a board of trade
that has been designated as a contract market pursuant to
federal commodities law.
(xviii) "Communicate" means:
(A) To send a written or other tangible record;
(B) To transmit a record by any means agreed
upon by the persons sending and receiving the record; or
(C) In the case of transmission of a record to
or by a filing office, to transmit a record by any means
prescribed by filing-office rule.
(xix) "Consignee" means a merchant to which goods are
delivered in a consignment;
(xx) "Consignment" means a transaction, regardless of
its form, in which a person delivers goods to a merchant for the
purpose of sale and:
(A) The merchant:
(I) Deals in goods of that kind under a
name other than the name of the person making delivery;
(II) Is not an auctioneer; and
(III) Is not generally known by its
creditors to be substantially engaged in selling the goods of
others.
(B) With respect to each delivery, the aggregate
value of the goods is one thousand dollars ($1,000.00) or more
at the time of delivery;
(C) The goods are not consumer goods immediately
before delivery; and
(D) The transaction does not create a security
interest that secures an obligation.
(xxi) "Consignor" means a person that delivers goods
to a consignee in a consignment;
(xxii) "Consumer debtor" means a debtor in a consumer
transaction;
(xxiii) "Consumer goods" means goods that are used or
bought for use primarily for personal, family or household
purposes;
(xxiv) "Consumer-goods transaction" means a consumer
transaction in which:
(A) An individual incurs an obligation primarily
for personal, family or household purposes; and
(B) A security interest in consumer goods
secures the obligation.
(xxv) "Consumer obligor" means an obligor who is an
individual and who incurred the obligation as part of a
transaction entered into primarily for personal, family or
household purposes;
(xxvi) "Consumer transaction" means a transaction in
which (1) an individual incurs an obligation primarily for
personal, family or household purposes, (2) a security interest
secures the obligation, and (3) the collateral is held or
acquired primarily for personal, family or household purposes.
The term includes consumer-goods transactions;
(xxvii) "Continuation statement" means an amendment
of a financing statement which:
(A) Identifies, by its file number, the initial
financing statement to which it relates; and
(B) Indicates that it is a continuation
statement for, or that it is filed to continue the effectiveness
of, the identified financing statement.
(xxviii) "Debtor" means:
(A) A person having an interest, other than a
security interest or other lien, in the collateral, whether or
not the person is an obligor;
(B) A seller of accounts, chattel paper, payment
intangibles or promissory notes; or
(C) A consignee.
(xxix) "Deposit account" means a demand, time,
savings, passbook or similar account maintained with a bank.
The term does not include investment property or accounts
evidenced by an instrument;
(xxx) "Document" means a document of title or a
receipt of the type described in section 34.1-7-201(b);
(xxxi) "Electronic chattel paper" means chattel paper
evidenced by a record or records consisting of information
stored in an electronic medium;
(xxxii) "Encumbrance" means a right, other than an
ownership interest, in real property. The term includes
mortgages and other liens on real property;
(xxxiii) "Equipment" means goods other than
inventory, farm products or consumer goods;
(xxxiv) "Farm products" means goods, other than
standing timber, with respect to which the debtor is engaged in
a farming operation and which are:
(A) Crops grown, growing or to be grown,
including:
(I) Crops produced on trees, vines and
bushes; and
(II) Aquatic goods produced in aquacultural
operations.
(B) Livestock, born or unborn, including aquatic
goods produced in aquacultural operations;
(C) Supplies used or produced in a farming
operation; or
(D) Products of crops or livestock in their
unmanufactured states.
(xxxv) "Farming operation" means raising,
cultivating, propagating, fattening, grazing or any other
farming, livestock or aquacultural operation;
(xxxvi) "File number" means the number assigned to an
initial financing statement pursuant to section 34.1-9-519(a);
(xxxvii) "Filing office" means an office designated
in section 34.1-9-501 as the place to file a financing
statement;
(xxxviii) "Filing-office rule" means a rule adopted
pursuant to section 34.1-9-526;
(xxxix) "Financing statement" means a record or
records composed of an initial financing statement and any filed
record relating to the initial financing statement;
(xl) "Fixture filing" means the filing of a financing
statement covering goods that are or are to become fixtures and
satisfying section 34.1-9-502(a) and (b). The term includes the
filing of a financing statement covering goods of a transmitting
utility which are or are to become fixtures;
(xli) "Fixtures" means goods that have become so
related to particular real property that an interest in them
arises under real property law;
(xlii) "General intangible" means any personal
property, including things in action, other than accounts,
chattel paper, commercial tort claims, deposit accounts,
documents, goods, instruments, investment property,
letter-of-credit rights, letters of credit, money and oil, gas
or other minerals before extraction. The term includes payment
intangibles and software;
(xliii) Reserved;
(xliv) "Goods" means all things that are movable when
a security interest attaches. The term includes (1) fixtures,
(2) standing timber that is to be cut and removed under a
conveyance or contract for sale, (3) the unborn young of
animals, (4) crops grown, growing or to be grown, even if the
crops are produced on trees, vines or bushes, and (5)
manufactured homes. The term also includes a computer program
embedded in goods and any supporting information provided in
connection with a transaction relating to the program if (1) the
program is associated with the goods in such a manner that it
customarily is considered part of the goods, or (2) by becoming
the owner of the goods, a person acquires a right to use the
program in connection with the goods. The term does not include
a computer program embedded in goods that consist solely of the
medium in which the program is embedded. The term also does not
include accounts, chattel paper, commercial tort claims, deposit
accounts, documents, general intangibles, instruments,
investment property, letter-of-credit rights, letters of credit,
money or oil, gas or other minerals before extraction;
(xlv) "Governmental unit" means a subdivision,
agency, department, county, parish, municipality or other unit
of the government of the United States, a state or a foreign
country. The term includes an organization having a separate
corporate existence if the organization is eligible to issue
debt on which interest is exempt from income taxation under the
laws of the United States;
(xlvi) "Health-care-insurance receivable" means an
interest in or claim under a policy of insurance which is a
right to payment of a monetary obligation for health-care goods
or services provided;
(xlvii) "Instrument" means a negotiable instrument or
any other writing that evidences a right to the payment of a
monetary obligation, is not itself a security agreement or
lease, and is of a type that in ordinary course of business is
transferred by delivery with any necessary indorsement or
assignment. The term does not include (1) investment property,
(2) letters of credit or (3) writings that evidence a right to
payment arising out of the use of a credit or charge card or
information contained on or for use with the card;
(xlviii) "Inventory" means goods, other than farm
products, which:
(A) Are leased by a person as lessor;
(B) Are held by a person for sale or lease or to
be furnished under a contract of service;
(C) Are furnished by a person under a contract
of service; or
(D) Consist of raw materials, work in process or
materials used or consumed in a business.
(xlix) "Investment property" means a security,
whether certificated or uncertificated, security entitlement,
securities account, commodity contract or commodity account;
(l) "Jurisdiction of organization", with respect to a
registered organization, means the jurisdiction under whose law
the organization is formed or organized;
(li) "Letter-of-credit right" means a right to
payment or performance under a letter of credit, whether or not
the beneficiary has demanded or is at the time entitled to
demand payment or performance. The term does not include the
right of a beneficiary to demand payment or performance under a
letter of credit;
(lii) "Lien creditor" means:
(A) A creditor that has acquired a lien on the
property involved by attachment, levy or the like;
(B) An assignee for benefit of creditors from
the time of assignment;
(C) A trustee in bankruptcy from the date of the
filing of the petition; or
(D) A receiver in equity from the time of
appointment.
(liii) "Manufactured home" means a structure,
transportable in one (1) or more sections, which, in the
traveling mode, is eight (8) body feet or more in width or forty
(40) body feet or more in length, or, when erected on site, is
three hundred twenty (320) or more square feet, and which is
built on a permanent chassis and designed to be used as a
dwelling with or without a permanent foundation when connected
to the required utilities, and includes the plumbing, heating,
air-conditioning and electrical systems contained therein. The
term includes any structure that meets all of the requirements
of this paragraph except the size requirements and with respect
to which the manufacturer voluntarily files a certification
required by the United States Secretary of Housing and Urban
Development and complies with the standards established under
title 42 of the United States Code;
(liv) "Manufactured-home transaction" means a secured
transaction:
(A) That creates a purchase-money security
interest in a manufactured home, other than a manufactured home
held as inventory; or
(B) In which a manufactured home, other than a
manufactured home held as inventory, is the primary collateral.
(lv) "Mortgage" means a consensual interest in real
property, including fixtures, which secures payment or
performance of an obligation;
(lvi) "New debtor" means a person that becomes bound
as debtor under section 34.1-9-203(d) by a security agreement
previously entered into by another person;
(lvii) "New value" means (1) money, (2) money's worth
in property, services or new credit or (3) release by a
transferee of an interest in property previously transferred to
the transferee. The term does not include an obligation
substituted for another obligation;
(lviii) "Noncash proceeds" means proceeds other than
cash proceeds;
(lix) "Obligor" means a person that, with respect to
an obligation secured by a security interest in or an
agricultural lien on the collateral, (1) owes payment or other
performance of the obligation, (2) has provided property other
than the collateral to secure payment or other performance of
the obligation or (3) is otherwise accountable in whole or in
part for payment or other performance of the obligation. The
term does not include issuers or nominated persons under a
letter of credit;
(lx) "Original debtor," except as used in W.S.
34.1-9-310(c), means a person that, as debtor, entered into a
security agreement to which a new debtor has become bound under
section 34.1-9-203(d);
(lxi) "Payment intangible" means a general intangible
under which the account debtor's principal obligation is a
monetary obligation;
(lxii) "Person related to", with respect to an
individual, means:
(A) The spouse of the individual;
(B) A brother, brother-in-law, sister or
sister-in-law of the individual;
(C) An ancestor or lineal descendant of the
individual or the individual's spouse; or
(D) Any other relative, by blood or marriage, of
the individual or the individual's spouse who shares the same
home with the individual.
(lxiii) "Person related to", with respect to an
organization, means:
(A) A person directly or indirectly controlling,
controlled by or under common control with the organization;
(B) An officer or director of, or a person
performing similar functions with respect to, the organization;
(C) An officer or director of, or a person
performing similar functions with respect to, a person described
in subparagraph (A);
(D) The spouse of an individual described in
subparagraph (A), (B) or (C); or
(E) An individual who is related by blood or
marriage to an individual described in subparagraph (A), (B),
(C) or (D) and shares the same home with the individual.
(lxiv) "Proceeds", except as used in section
34.1-9-609(b) means the following property:
(A) Whatever is acquired upon the sale, lease,
license, exchange or other disposition of collateral;
(B) Whatever is collected on, or distributed on
account of, collateral;
(C) Rights arising out of collateral;
(D) To the extent of the value of collateral,
claims arising out of the loss, nonconformity, or interference
with the use of, defects or infringement of rights in or damage
to, the collateral; or
(E) To the extent of the value of collateral and
to the extent payable to the debtor or the secured party,
insurance payable by reason of the loss or nonconformity of,
defects or infringement of rights in, or damage to, the
collateral.
(lxv) "Production-money crops" means crops that
secure a production-money obligation incurred with respect to
the production of those crops;
(lxvi) "Production-money obligation" means an
obligation of an obligor incurred for new value given to enable
the debtor to produce crops if the value is in fact used for the
production of the crops;
(lxvii) "Production of crops" includes tilling and
otherwise preparing land for growing, planting, cultivating,
fertilizing, irrigating, harvesting and gathering crops and
protecting them from damage or disease;
(lxviii) "Promissory note" means an instrument that
evidences a promise to pay a monetary obligation, does not
evidence an order to pay and does not contain an acknowledgment
by a bank that the bank has received for deposit a sum of money
or funds;
(lxix) "Proposal" means a record authenticated by a
secured party which includes the terms on which the secured
party is willing to accept collateral in full or partial
satisfaction of the obligation it secures pursuant to sections
34.1-9-620, 34.1-9-621 and 34.1-9-622;
(lxx) "Public-finance transaction" means a secured
transaction in connection with which:
(A) Debt securities are issued;
(B) All or a portion of the securities issued
have an initial stated maturity of at least twenty (20) years;
and
(C) The debtor, obligor, secured party, account
debtor or other person obligated on collateral, assignor or
assignee of a secured obligation, or assignor or assignee of a
security interest is a state or a governmental unit of a state.
(lxxi) "Pursuant to commitment", with respect to an
advance made or other value given by a secured party, means
pursuant to the secured party's obligation, whether or not a
subsequent event of default or other event not within the
secured party's control has relieved or may relieve the secured
party from its obligation;
(lxxii) "Record", except as used in "for record", "of
record", "record or legal title" and "record owner", means
information that is inscribed on a tangible medium or which is
stored in an electronic or other medium and is retrievable in
perceivable form;
(lxxiii) "Registered organization" means an
organization formed or organized solely under the law of a
single state or the United States by the filing of an organic
record with, the issuance of a public organic record by, or the
enactment of legislation by the state or the United States. The
term includes a business trust that is formed or organized under
the law of a single state if a statute of the state governing
business trusts requires that the trust's organic record be
filed with the state;
(lxxiv) "Secondary obligor" means an obligor to the
extent that:
(A) The obligor's obligation is secondary; or
(B) The obligor has a right of recourse with
respect to an obligation secured by collateral against the
debtor, another obligor or property of either.
(lxxv) "Secured party" means:
(A) A person in whose favor a security interest
is created or provided for under a security agreement, whether
or not any obligation to be secured is outstanding;
(B) A person that holds an agricultural lien;
(C) A consignor;
(D) A person to which accounts, chattel paper,
payment intangibles or promissory notes have been sold;
(E) A trustee, indenture trustee, agent,
collateral agent or other representative in whose favor a
security interest or agricultural lien is created or provided
for; or
(F) A person that holds a security interest
arising under section 34.1-2-401, 34.1-2-505, 34.1-2-711(c),
34.1-2A-508(e), 34.1-4-210 or 34.1-5-118.
(lxxvi) "Security agreement" means an agreement that
creates or provides for a security interest;
(lxxvii) "Send", in connection with a record or
notification, means:
(A) To deposit in the mail, deliver for
transmission or transmit by any other usual means of
communication, with postage or cost of transmission provided
for, addressed to any address reasonable under the
circumstances; or
(B) To cause the record or notification to be
received within the time that it would have been received if
properly sent under subparagraph (A).
(lxxviii) "Software" means a computer program and any
supporting information provided in connection with a transaction
relating to the program. The term does not include a computer
program that is included in the definition of goods;
(lxxix) "State" means a state of the United States,
the District of Columbia, Puerto Rico, the United States Virgin
Islands or any territory or insular possession subject to the
jurisdiction of the United States;
(lxxx) "Supporting obligation" means a
letter-of-credit right or secondary obligation that supports the
payment or performance of an account, chattel paper, a document,
a general intangible, an instrument or investment property;
(lxxxi) "Tangible chattel paper" means chattel paper
evidenced by a record or records consisting of information that
is inscribed on a tangible medium;
(lxxxii) "Termination statement" means an amendment
of a financing statement which:
(A) Identifies, by its file number, the initial
financing statement to which it relates; and
(B) Indicates either that it is a termination
statement or that the identified financing statement is no
longer effective.
(lxxxiii) "Transmitting utility" means a person
primarily engaged in the business of:
(A) Operating a railroad, subway, street railway
or trolley bus;
(B) Transmitting communications electrically,
electromagnetically or by light;
(C) Transmitting goods by pipeline or sewer; or
(D) Transmitting or producing and transmitting
electricity, steam, gas or water.
(lxxxiv) "Public organic record" means a record that
is available to the public for inspection and is:
(A) A record consisting of the record initially
filed with or issued by a state or the United States to form or
organize any organization and any record filed with or issued by
the state or the United States which amends or restates the
initial record;
(B) An organic record of a business trust
consisting of the record initially filed with a state and any
record filed with the state which amends or restates the initial
record, if a statute of the state governing business trusts
requires that the record be filed with the state; or
(C) A record consisting of legislation enacted
by the legislature of a state or the congress of the United
States which forms or organizes an organization, any record
amending the legislation and any record filed with or issued by
the state or the United States which amends or restates the name
of the organization.
(b) "Control" as provided in section 34.1-7-106 and the
following definitions in other articles apply to this article:
"Applicant". Section 34.1-5-102.
"Beneficiary". Section 34.1-5-102.
"Broker". Section 34.1-8-102.
"Certificated security". Section 34.1-8-102.
"Check". Section 34.1-3-104.
"Clearing corporation". Section 34.1-8-102.
"Contract for sale". Section 34.1-2-106.
"Customer". Section 34.1-4-104.
"Entitlement holder". Section 34.1-8-102.
"Financial asset". Section 34.1-8-102.
"Holder in due course". Section 34.1-3-302.
"Issuer" (with respect to a letter of credit or letter-of-credit
right). Section 34.1-5-102.
"Issuer" (with respect to a security). Section 34.1-8-201.
"Issuer" (with respect to documents of title). Section