(a) Except as otherwise provided in this title, 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 and sections 36a-555 to 36a-573, inclusive, and sections 36a-770 to 36a-786, inclusive.
(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.
(1959, P.A. 133, S. 9-201; P.A. 01-132, S. 11.)
History: P.A. 01-132 designated existing provision re general effectiveness of security agreement as Subsec. (a), added Subsec. (b) re applicability of consumer laws, added Subsec. (c) re primacy of other applicable law in case of conflict and designated existing provisions re deference to other applicable law as Subsec. (d) and amended to revise and rephrase provisions.
Cited. 168 C. 152; 211 C. 613. Former Sec. 42a-9-203(4) cited. 231 C. 707.
Cited. 18 CA 265.
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