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Unformatted text preview: Business Law and the Regulation of Business Regulation Chapter 38: Secured Transactions and Suretyship and By Richard A. Mann & Barry S. Roberts Topics Covered in this Chapter Topics I. Secured Transactions In Personal Property A. Essentials of Secured Transactions A. B. Classification of Collateral B. C. Attachment C. D. Perfection D. E. Priorities Among Competing Interests E. F. Default F. II. Suretyship A. Nature and Formation A. B. Rights of Surety B. C. Defenses of Surety and Principal Debtor C. Secured Transactions in Personal Property in s s s Definition of Secured Transaction – an agreement by which one party obtains a security interest in the personal property of another to secure the payment of a debt another Debtor – person who has an interest in the collateral other than a security interest; typically is the person obligated on the debt secured by the security interest secured Secured Party – person in whose favor a security interest in the collateral is created or provided for under the security agreement provided Secured Transactions in Personal Property in s s s s Collateral – property subject to a security interest interest Security Agreement – agreement that creates or provides for a security interest creates Security Interest – right in personal property that secures payment or performance of an obligation obligation Purchase Money Security Interest – security interest in goods purchased; interest is retained either by the seller of th...
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