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