Section 18 Federal Preemption

• Library: Secured Transactions 2005

Article 9 does not apply to secured transactions to the extent that it is preempted by federal law. Section 400.9-109(c)(1), RSMo Supp. 2004. Because the federal statutory scheme on aircraft focuses on recording, Philko Aviation, Inc. v. Shacket, 462 U.S. 406, 412 (1983), most other aspects of Article 9 will still apply to secured transactions involving planes. There are certain matters of form that security agreements must satisfy to be recordable with the Federal Aviation Administration (FAA). See 14...