collateral Flashcards

1
Q

what is collateral?

A

the personal property that is subject to the lien

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2
Q

what is the system to classifying personal property

A

primary use

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3
Q

what are the 4 types of tangible collateral?

A

consumer goods

farm products

inventory

equipment

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4
Q

define consumer goods

A

purchased for personal or family use

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5
Q

what is not included in farm products

A

farm equipment

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6
Q

define inventory

A

held for sale or lease

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7
Q

what are the 4 types of collateral that refer to rights to payment

A

instruments

chattel paper

accounts

payment intangibles

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8
Q

chattle paper?

A

Right to payment + SI or lease

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9
Q

Document of title

A

Warehouse receipt

Bill of lading

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10
Q

General intangibles

A

Blueprints, trademark, copyright
Software

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