What type of accounts generally fall under Article 9?

The correct answer highlights that Article 9 of the Uniform Commercial Code (UCC) specifically addresses secured transactions involving certain types of accounts, including demand, time, and savings accounts. This provision provides a framework for creditors to secure interests in these accounts, which are categorized as "deposit accounts" under Article 9.

Demand accounts (like checking accounts), time accounts (like certificates of deposit), and savings accounts are specifically mentioned because they represent a claim against a financial institution and are often used in secured lending transactions. Secured transactions can involve the use of these accounts as collateral, allowing lenders to claim the rights to funds in these accounts if a borrower defaults.

While retail bank account types may seem relevant, not all banking products or accounts fit neatly under Article 9 criteria. Personal or private checking accounts alone do not encompass the full range of accounts covered. Furthermore, not all forms of banking accounts are considered suitable for Article 9 protections, particularly those that do not meet the strict definitions of a deposit account as outlined in the UCC. This distinction creates a clear understanding of which accounts are central to this part of commercial law.