1. Collateral Flashcards
1
Q
What is Collateral?
A
Goods
Semi-tangible + Intangible property
2
Q
What are Goods? What examples are there?
A
Movable
At the time security attaches
Consumer goods
Equipment
Farm products
Inventory
3
Q
What are Semi-tangible & Intangible property?
A
Instruments (monetary obligation) Documents (goods) Chattel paper (lease) Investment property (stocks/bonds) Accounts (property/services) Deposit accounts (banks) Commercial tort claims
4
Q
What if there is change in use of collateral?
A
Remains perfected (as long as financing statement was filed)
