Classification of Intangible or Semi-Intangible Collateral

Question 1

Instruments

Answer 1

Pieces of paper representing right to be paid money (promissory note)

Question 2

Documents

Answer 2

Right to receive goods (bill of lading, warehouse receipt)

Question 3

Chattel Paper

Answer 3

Record or records which show:

(1) Monetary obligation AND
(2) Security interest in or lease of specific goods

Question 4

Investment Property

Answer 4

Items like stocks, bonds, mutual funds, brokerage accounts containing such items

Question 5

Accounts

Answer 5

Right to payment for property sold or services rendered

*Contractual obligation arising from $ loan ≠ account

Question 6

Deposit Accounts

Answer 6

Account maintained with a bank (nonconsumer account)

Question 7

Commercial Tort Claims

Answer 7

Claim where:

(1) Claimant = organization OR
(2) Claimant = individual, claim arose out of claimant’s business/profession and claim doesn’t include damages for personal injury or death of an individual

Question 8

General Intangibles

Answer 8

Any personal property not coming within scope of others (default!)