Chapter 10.20
SECURITY INTERESTS1
Sections:
10.20.030 Application and adoption of Washington Uniform Commercial Code.
10.20.040 Application of chapter.
10.20.010 Purpose.
It is the purpose and policy of this chapter to establish a Tribal law governing secured transactions, including the creation, grant, validity, and enforcement of security interests granted by the Tribes in property or rights of any nature that are not real property, the perfection and nonperfection of such security interests, and the priority of such security interests among competing creditors. [Res. 2021-210; Ord. 118 § 1, 12-4-2001 (Res. 2001-397)].
10.20.020 Definitions.
(1) As used in this chapter, the following terms have the meanings set forth below:
(a) “Pledged revenues” shall mean money, earnings, income and revenues (and any proceeds thereof), and all rights to and interest with respect to receiving the foregoing before actual possession thereof, whether in the form of money, deposit accounts, investments, accounts, instruments or other assets, and the proceeds thereof, in which a security interest has been granted by the Tribes to a creditor pursuant to this chapter.
(b) “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect and as the same may be amended from time to time in the State of Washington. [Res. 2021-210; Ord. 118 § 2, 12-4-2001 (Res. 2001-397)].
10.20.030 Application and adoption of Washington Uniform Commercial Code.
(1) Subject to subsection (2) of this section, any security interest granted by the Tribes in property or rights of any nature of the Tribes that are not real property shall be created and perfected, priorities among competing creditors determined, and the security interest enforced, and all matters concerning such security interest shall be governed, in accordance with and by the provisions of the Uniform Commercial Code that govern secured transactions, which provisions are hereby adopted by this reference as Tribal law as though set forth in full; provided, that no effect shall be given to RCW 62A.9A-109(c)(2), 62A.9A-109(c)(3), 62A.9A-109(d)(14) or any other provision that would limit application of the Uniform Commercial Code to security interests granted by the Tribes.
(2) Notwithstanding any contrary or other provision of the Uniform Commercial Code:
(a) A security interest granted by the Tribes that may be perfected by filing under the Uniform Commercial Code shall be perfected only by filing in the manner provided therein and by also filing a financing statement with the Tribal Recording Clerk.
(b) The priority of security interests granted by the Tribes that may be perfected by filing under the provisions of this subsection (2) shall be determined on a first-to-file basis. For purposes of determining priority, filing shall be deemed to not have occurred until such time as filing has been made in all locations required by subsection (2)(a) of this section.
(c) A security interest granted by the Tribes in pledged revenues shall be created and attach upon the giving of value and the granting of such security interest in a writing executed by the Tribes. Such security interest may be perfected only by the filing of an initial financing statement in the same manner and locations required by subsection (2)(a) of this section.
(3) For purposes of this chapter and the Uniform Commercial Code, the Tribes shall be “located” in Washington. [Res. 2021-210; Ord. 118 § 3, 12-4-2001 (Res. 2001-397)].
10.20.040 Application of chapter.
(1) This chapter shall be applicable throughout the lands under the sovereign control of the Tribes, but shall be applicable only to security interests granted by the Tribes.
(2) While any security interests granted under the authority of this chapter remain outstanding, this chapter may not be repealed or be amended in a manner adverse to the interest of any secured party. [Res. 2021-210; Ord. 118 § 4, 12-4-2001 (Res. 2001-397)].
Code reviser’s note: TTC 1.05.010 appoints the Tribal Court Clerk as the Tribal Recording Clerk for the purposes of this chapter.