Article 9

Question 1

Article 9 applies to

Answer 1

transactions intending to create a security interest in personal property by contract regardless of form

Question 2

UCC article 9 does not apply to

Answer 2

landlord liens
assignment of a claim for employee wages
assignment of right to payment under contract that require assignee to perform
interest in lien on real property
assignment of claim arising from a tort

Question 3

Purchase Money Security Interest

Answer 3

where debtor incurs a purchase money obligation,
incurred where debt is all or part of the price of the collateral
or
for value given enables debtor to acquire rights to use collateral (3rd party finances purchase)

Question 4

Validity of a Security Interest

Answer 4

Agreement is a contract between debtor and lender
effective against parties
other purchasers of the collateral
other creditors