BL-Chapt29 - Print Chapter Page 1 of 31 Secured...

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Secured Transactions Chapter Introduction 29-1 The Terminology of Secured Transactions 29-2 Creating a Security Interest 29-2a Written or Authenticated Security Agreement 29-2b Secured Party Must Give Value 29-2c Debtor Must Have Rights in the Collateral 29-3 Perfecting a Security Interest 29-3a Perfection by Filing 29-3b Perfection without Filing 29-3c Effective Time Duration of Perfection 29-4 The Scope of a Security Interest 29-4a Proceeds 29-4b After-Acquired Property 29-4c Future Advances 29-4d The Floating-Lien Concept 29-5 Priorities 29-5a General Rules of Priority 29-5b Exceptions to the General Rule 29-6 Rights and Duties of Debtors and Creditors 29-6a Information Requests 29-6b Release, Assignment, and Amendment 29-6c Confirmation or Accounting Request by Debtor 29-6d Termination Statement 29-7 Default 29-7a Basic Remedies 29-7b Disposition of Collateral Chapter Recap Page 1 of 31 Print Chapter 2010-8-30 ..
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Chapter Introduction Whenever the payment of a debt is guaranteed, or secured, by personal property owned by the debtor or in which the debtor has a legal interest, the transaction becomes known as a secured transaction . The concept of the secured transaction is as basic to modern business practice as the concept of credit. Logically, sellers and lenders do not want to risk nonpayment, so they usually will not sell goods or lend funds unless the promise of payment is somehow guaranteed. Indeed, business as we know it could not exist without laws permitting and governing secured transactions. Article 9 of the Uniform Commercial Code (UCC) governs secured transactions as applied to personal property, fixtures (certain property that is attached to land–see Chapter 47), accounts, instruments, commercial assignments of $1,000 or more, chattel paper (any writing evidencing a debt secured by personal property), agricultural liens, and what are called general intangibles (such as patents and copyrights). Article 9 does not cover the creditor devices, such as liens and mortgages, that were discussed in Chapter 28. Because the revised version of Article 9 has now been adopted by all of the states, we base this chapter's discussion of secured transactions entirely on the provisions of the revised version. In this chapter, we first look at the terminology of secured transactions. We then discuss how the rights and duties of creditors and debtors are created and enforced under Article 9. As will become evident, the law of secured transactions tends to favor the rights of creditors; to a lesser extent, however, it offers debtors some protections as well. Page 2 of 31 Print Chapter 2010-8-30 ..
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29-1 The Terminology of Secured Transactions Exhibit 29–1. Secured Transactions–Concept and Terminology The UCC's terminology is now uniformly adopted in all documents used in situations involving secured transactions. A brief summary of the
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BL-Chapt29 - Print Chapter Page 1 of 31 Secured...

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