1. The Scope of Article 9 of the UCC Flashcards
1
Q
What does Article 9 apply to?
A
Article 9 applies to consensual security interests in personalty or fixtures.
2
Q
In general, personalty equals:
A
Goods
3
Q
Article 9 applies only to voluntary or consensual collateralizations. Thus, it does not apply to:
A
Statutory or mechanics liens
4
Q
Debtor:
A
The entity who owes the money
5
Q
Secured party or secured creditor:
A
The entity who lends the money
6
Q
Security agreement:
A
The contract or record
7
Q
Security interest:
A
The right creditor has in debtor’s personalty or fixtures
8
Q
Collateral:
A
The personalty or fixtures creditor can look to for satisfaction
9
Q
The collateral could be:
A
- Tangible collateral or goods
2. Intangibles or semi-intangibles
10
Q
The key for purposes of classifying tangible collateral:
A
Primary use in the hands of the debtor (subjective test).
