3/9 Flashcards
SI for proceeds must
Be securable and identifiable
Security Attachment for Commercial Torts (like fraud)
No attachment even with description.
UCC 3 - Promises to Pay
Must be unconditional.
Suspicions of Fraud -UCC 3
Still get HDC protections if taken in good faith.
PMSI Perfection Info
Autoperfected for consumer goods
Financing Statement must contain
Debtor name, sec party name, collateral description
Conflict Sec Interests- No perfection
First party to attach (first one to give loan, etc).
PMSI Def
Money to buy goods. Non-consumer goods are not a/p’d.
Commingled Inventory Perfection
Have to refile financing statement to reperfect.
Default allows
Repossession (but not breach of peace)
Possession of Instrument (prom note, etc.) is…
Perfected if that item is the collateral.
Negotiating order v. bearer.
Order - indorsements
Bearer - only possession
Credit Line for consumer goods is
Still a PMSI and still autoperf’d
Deficiency Judgments
Allowed in Florida and will allow the debtor to recoup losses.
Incorrect names result in
Prevented perfection and likely loss of order if other place perfects first.
Repo and Paying Debt
If person pays debt before repo, it’s all good.
Partial Satisfaction Securing Collateral for Consumer Debt
Not allowed
Notice of Dispo
Have to send it. (Auction, etc).
