#21 - Characterizing Collateral for Perfection

Question 1

Characterizing Collateral for Perfection

Answer 1

Characterizing the transaction is the last step in the perfection analysis.

Beware if something is really:
- Real property rather than personal property (because then Art 9 would not apply as real property is beyond its scope and it would be perfected via real estate recording systems instead)
- Something that looks like a lease but is really a security

Question 2

Distinguishing Monetary Obligations

Answer 2

An instrument is an instrument if not chattel paper.

An account is an account if not an instrument or chattel paper

A payment intangible is a payment intangible if not an account, instrument, or chattel paper.

If not payment intangible, then it is a general intangible.