Which set of laws primarily governs security interests in personal property?

The correct choice is grounded in the structure and content of the Uniform Commercial Code (UCC), which is designed to provide a uniform set of rules governing commercial transactions in the United States. Article 9 specifically addresses secured transactions, which involve security interests in personal property.

This means that when a lender provides credit to a borrower and takes a security interest in the borrower's personal property (like equipment, inventory, or accounts receivable) as collateral for the loan, the arrangements and enforcement of these security interests are primarily governed by Article 9. This article outlines the requirements for creating a security interest, perfection of that interest, and enforcement rights in cases of default.

In contrast, the other options do not pertain specifically to security interests in personal property. Article 10 of the UCC does not exist; the Uniform Probate Code deals with the distribution of a decedent's estate; and the Real Property Act focuses on interests in real property rather than personal property. Thus, Article 9 is uniquely tailored to address issues surrounding secured transactions in personal property, establishing it as the governing set of laws in this context.