Art 9 Types of Collateral

Question 1

Goods general definition

Answer 1

Include all things movable at the time the security interest attaches. Can include unborn young of animals and growing crops.

Question 2

Classification: Consumer goods

Answer 2

Used or bought for use primarily for personal, family, or household purposes.

Question 3

Equipment

Answer 3

Used or bought for use primarily in business

Question 4

Farm Products

Answer 4

Crops or live stock or supplies used or produced in farming operations or products of crops or livestock in their unmanufactured state (milk, eggs, maple syrup, etc.).

Question 5

Inventory

Answer 5

Held by a person who holds them for sale or lease, or to be furnished under service contracts; materials used or consumed in a business.