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Unformatted text preview: e goods or by a lender who advances the purchase price by Rights Rights
s Fundamental Rights of Debtor
– – to redeem collateral by payment of the debt debt – – to possess general rights of ownership to s Fundamental Rights of Secured Fundamental Party Party
– – to recover amount of debt to – – to have collateral applied to payment of debt upon default debt Classification of Collateral Classification
Goods – things that are movable when a security interest attaches security s Indispensable Paper s Intangibles
s Types of Goods
s s s Consumer Goods –bought or used primarily bought for personal, family, or household purposes for Farm Products –part of a farming operation part including crops, livestock, or supplies used or produced in farming produced Inventory –non-farm product goods (1) held non-farm for sale, lease, or to be furnished under a service contract, or (2) raw materials, work in process, or materials used in a business process, Types of Goods
Equipment – goods not included in the definition of consumer goods, inventory, or farm products or s Fixtures – goods that are so related to real property that they are considered part of the real estate part s Accession – goods installed in or firmly affixed to personal property firmly
s Indispensable Paper Indispensable
s s s s Chattel Paper – tangible or electronic record that evidences both a debt and a security interest in specific goods interest Instruments – negotiable instruments or a...
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This note was uploaded on 10/25/2009 for the course LAW 100 taught by Professor Liu during the Spring '09 term at Zhejiang University.
- Spring '09