CHAPTER 38

CHAPTER 38 - CHAPTER SUMMARY SECURED TRANSACTIONS IN...

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CHAPTER SUMMARY SECURED TRANSACTIONS IN PERSONAL PROPERTY Essentials of Secured Transactions 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 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 Party person in whose favor a security interest in the collateral is created or provided for under the security agreement Collateral property subject to a security interest Security Agreement agreement that creates or provides for a security interest Security Interest right in personal property that secures payment or performance of an obligation Purchase Money Security Interest security interest in goods purchased; interest is retained either by the seller of the goods or by a lender who advances the purchase price Fundamental Rights of Debtor Mann CH 38- 1
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To redeem collateral by payment of the debt To possess general rights of ownership Fundamental Rights of Secured Party To recover amount of debt To have collateral applied to payment of debt upon default Classification of Collateral Goods things that are movable when a security interest attaches Consumer Goods goods bought or used primarily for personal, family, or household purposes Farm Products goods that are part of a farming operation including crops, livestock, or supplies used or produced in farming Inventory includes nonfarm product goods (1) held for sale, lease, or to be furnished under a service contract, or (2) consisting of raw materials, work in process, or materials used or consumed in a business Equipment goods not included in the definition of consumer goods, inventory, or farm products Fixtures goods that are so related to real property that they are considered part of the real estate Mann CH 38- 2
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Accession goods installed in or firmly affixed to
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This note was uploaded on 10/14/2010 for the course BUS 5503 taught by Professor Sorrell during the Fall '10 term at Troy.

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CHAPTER 38 - CHAPTER SUMMARY SECURED TRANSACTIONS IN...

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