Art 9 Semi-Intangible and Intangible Prop

Question 1

Instruments

Answer 1

Negotiable instruments and any other writing which evidences a right to the payment of a monetary obligation. Ordinarily transferred by delivery with any necessary indorsements (does not include investment property)

Question 2

Documents

Answer 2

A document which is treated as evidencing that the person in possession of it is entitled to receive, hold, and dispose of the goods it covers (warehouse receipt, bill of lading, etc.)

Question 3

Chattel Paper

Answer 3

Records which evidence both a monetary obligation AND a security interest in or a lease of specific goods. Can be written, or electronic.

Question 4

Investment Property

Answer 4

Items like: Stocks, Bonds, Mutual funds, and Brokerage accounts

Question 5

Accounts

Answer 5

A right to payment (not by instrument or chattel paper) for:

1. Goods
2. Services
3. Real property
4. From use of a credit card
5. Use or hire of a vessel
6. Health care insurance receivables
7. Lottery winnings

Question 6

Deposit Accounts

Answer 6

An account maintained with a bank.

Question 7

Commercial Tort Claims

Answer 7

A claim arising in tort, which claimant is an organization, or where claimant is an individual and the claim arose in the claimant’s business or profession (does not include dmg’s for personal injury or death).

Question 8

General Intangibles

Answer 8

Any personal property not within other definitions (software, patent/trademark rights, copyrights, tax refund claim).
Payment intangible is one which account debtor’s principal obligation is a monetary obligation