BSAD 3200 Notes Class Presentation Outlines (35-44)

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P a g e | 1 BSAD 3200 Class Presentation Outlines (35-44) Chapter 35 Secured Transactions Article 9 UCC A transaction where creditor obtains an interest in the  debtor’s specific property Creditor becomes the Secured Party or Secured Creditor, and  obtains a Security Interest If no collateral, the creditor is an Unsecured Creditor The security property is called collateral Debtor signs a Security Agreement, and once done, the  security interest has attached Perfecting a Security Interest-usually done by filing a UCC  Financing Statement with the applicable state agency First to perfect usually has priority if there are competing claims Once paid off, the creditor should file a termination  statement Floating Lien-a security interest in new inventory acquired  after financing statement filed Purchaser In ordinary course of business acquires the  property free of the lien Automatic perfection in some instances   PMSI. Purchase Money Security Interest - seller extends  credit to a buyer of consumer goods for personal, family, or household use. Seller/creditor automatically has a perfected security interest in the collateral Foreclosing on security interest If debtor fails to pay, creditor may: Take possession of the collateral (judicially or by self 
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P a g e | 2 help) no breach of peace. Render equipment unusable and dispose of it on debtor's  property (sale) Ask debtor to get it together and make it available to  creditor at designated place convenient to both parties Chapter 36 Bankruptcy Three main areas Chapter 7, 11, 13.  Bankruptcy Court - division of federal district court    Debtor files a Petition seeking bankruptcy relief  (voluntary) OR, creditors file the petition and force the debtor into  bankruptcy (involuntary) Petition filed-order of relief at that point Automatic Stay-stops all collection efforts against debtor Trustee-court appointed person to oversee the Bankrupt  Estate With petition, debtor files schedules listing all assets,  debts, and a host of other information Exemptions-property and assets that the debtor gets to keep Fraudulent Transfers-$ conveyed to others in order to avoid  losing them in bankruptcy Preferential transfers-payments made to creditors before  filing Creditors’ meeting-Proof of claim Chapter 7-Liquidation: gather, sell, and pay Chapter 11-Reorganization:  Debtor in possession Chapter 13- Wage Earner Plan:   Confirmed by court, adjusts  debts, payment schedules.  If followed, results in discharge at end
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P a g e | 3 Discharge- removal of the debtor's obligation to pay the  debt Chapter 37- Negotiable Instruments and Banking Negotiable Instrument-Written promise to pay a fixed amount 
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  • Fall '16
  • Charles Kaiser
  • purchase money security, Consumer Credit Protection, prevention packaging act, debtor files schedules, Cigarette Labeling Act

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