Ordinance
118 - Security Interests Granted by Tulalip Tribes
Section 1. Purpose.
It is the
purpose and policy of this Ordinance 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 is not real property, the perfection and nonperfection
of such security interests, and the priority of such security interests
among competing creditors.
Section 2. Definitions.
As used
in this Ordinance, the term “Uniform Commercial Code” shall
mean the Uniform Commercial Code as in effect and as the same may be
amended from time-to-tome in the State of Washington.
Section 3. Application and Adoption of Washington Uniform Commercial
Code.
A. Subject
to paragraph (B) of this Section 3, any security interest granted
by the Tribes in property or rights of any nature of the Tribes that
is 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.
B. Notwithstanding
any other provision of the Uniform Commercial Code:
1.
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.
2.
The priority of security interests granted by the Tribes that may
be perfected by filing under the provisions of this paragraph (B)
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 subparagraph
(1) of this paragraph (B).
C. For
purposes of this Ordinance and the Uniform Commercial Code, the Tribes
shall be “located” in Washington.
Section 4. Application of Ordinance.
A. This
Ordinance 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.
B. While
any security interests granted under the authority of this Ordinance
remains outstanding, this Ordinance may not be repealed or be amended
in a manner adverse to the interest of any secured party.
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