collateral Flashcards
1
Q
what is collateral?
A
the personal property that is subject to the lien
2
Q
what is the system to classifying personal property
A
primary use
3
Q
what are the 4 types of tangible collateral?
A
consumer goods
farm products
inventory
equipment
4
Q
define consumer goods
A
purchased for personal or family use
5
Q
what is not included in farm products
A
farm equipment
6
Q
define inventory
A
held for sale or lease
7
Q
what are the 4 types of collateral that refer to rights to payment
A
instruments
chattel paper
accounts
payment intangibles
8
Q
chattle paper?
A
Right to payment + SI or lease
9
Q
Document of title
A
Warehouse receipt
Bill of lading
10
Q
General intangibles
A
Blueprints, trademark, copyright
Software
