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Lease Or Security Interest: A Classic Problem Of Commercial Law, Joseph Epps Claxton

Mercer Law Review

Article 9 of the Uniform Commercial Code was drafted in such a manner as to cover almost all consensual security interests in personal property. With relatively few exceptions, the Article expressly applies "to any transaction (regardless of its form) which is intended to create a security interest in personal property." Therefore, in any consideration of the possible application of Article 9 to a particular set of facts, the first and most basic question to be resolved is whether a security interest exists. Ordinarily, the result of such an inquiry is not particularly elusive, but this fact should not obscure the …