Section 1 Not Defined in the Uniformed Commercial Code

• Library: Secured Transactions 2005

When starting a discussion about the enforcement of security interests after the debtor defaults, a logical place to begin would be a review of Missouri’s Revised Article 9’s definition of the term “default.” But like its predecessor, Revised Article 9 does not provide a definition for default. See Nat’l Operating, L.P. v. Mut. Life Ins. Co. of N.Y., 630 N.W.2d 116, 125 n.10 (Wis. 2001); see also §§ 400.9-102 and 400.9-601, RSMo Supp. 2004. Instead, default is “whatever the security agreement says it is.” 4 James J. White & Robert S. Summers, Uniform Commercial Code § 34-2 at 386 (West 4^th ed. 1995).

Realizing that the occurrence of a default is...