§ 6A-9-201 - General effectiveness of security agreement. - Rhode Island Statutes

SECTION 6A-9-201

   § 6A-9-201  General effectiveness ofsecurity agreement. – (a) General effectiveness. Except as otherwise provided in the UniformCommercial Code, a security agreement is effective according to its termsbetween the parties, against purchasers of the collateral, and againstcreditors.

   (b) Applicable consumer laws and other law. Atransaction subject to this chapter is subject to (1) any applicable rule oflaw which establishes a different rule for consumers, (2) any other statute orregulation that regulates the rates, charges, agreements, and practices forloans, credit sales, or other extensions of credit, and (3) anyconsumer-protection statute or regulation.

   (c) Other applicable law controls. In case of conflictbetween this chapter and a rule of law, statute, or regulation described insubsection (b), the rule of law, statute, or regulation controls. Failure tocomply with a statute or regulation described in subsection (b) has only theeffect the statute or regulation specifies.

   (d) Further deference to other applicable law. Thischapter does not:

   (1) Validate any rate, charge, agreement, or practice thatviolates a rule of law, statute, or regulation described in subsection (b); or

   (2) Extend the application of the rule of law, statute, orregulation to a transaction not otherwise subject to it.