Classifications of Collateral Flashcards
goods
all things which are movable at the time the security interest attaches and include the unforn young of animals and growing crops
subclasses of goods
(1) consumer goods
2. equipment
3. farm products
4. inventory
testof what type of goods
loook to see how the debtor is using the collateral
consumer goods
used or bought for use primarily for personal, family, or household purposes
equipment
used or bought for use in business
farm products
crops or livestrock or supplies used or produced in farming operations or purdcuts if they are in the possession of a debtor engaged in farming operations
inventory
held by a person who holds them for sale or lease or to be furnished under services contracts or consumed in a business in a short period of time
semi-intangible and intangible
instruments- documents chattel paper investment property accounts deposit accounts commercial tort claims general intangibles
instruments
pieces of paper representing the right to be paid money
documents
represents the right to receive goods (receipt, bill of lading)
chattel paper
record or records that shows (1) promise to pay and (2) security interest
investemnt property
including stocks, bonds, mutual funds, and brokerage accounts
accounts
right to payment for property sold or services rendered
deposit accounds
account maintained with a bank
commercial tort claims
tort in which (1) claimant is organization or (20 claimant is individual and claim arose in claimants business or profession
