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Lender who advances the purchase price by rights

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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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