Ch 20

Question 1

creditor who has a security interest in the debtor’s collateral, including a seller, lender, cosigner, or buyer o f accounts or chattel paper

Answer 1

secured party

Question 2

Article 9 of UCC any party who owes payment or performance of a secured obligation

Answer 2

debtor

Question 3

interest in personal property or fixtures that secures payment or performance of an obligation

Answer 3

security interest

Question 4

agreement that creates or provides for a security interest between the debtor and secured party

Answer 4

security agreement

Question 5

article 9 of UCC- property subject to a security interest

Answer 5

collateral

Question 6

a document filed by a secured creditor with the appropriate official to give notice to the public of the creditors security interest in collateral belonging to the debtor named in the statement

Answer 6

financing statement

Question 7

failure to pay a debt when it is due

Answer 7

default

Question 8

a secured transaction the process by which a secured creditors interest attaches to the collateral and the creditors security interest becomes enforceable.

Answer 8

attachment