Collateral

Question 1

Tangible property (4 types)

Answer 1

Inventory; Equipment; Farm Products; Consumer Goods

Question 2

Inventory

Answer 2

goods held by biz for sale or lease and any raw or consumable materials (ex. cars for car dealer, flour for baker, cleaning supplies)

Question 3

Equipment

Answer 3

Catch-all - tangible things owned by biz NOT w/in other category

Question 4

Farm Products

Answer 4

livestock and UNmanufactured farm goods (grain, etc.)

Question 5

Consumer Goods

Answer 5

tangible things used or bought for use primarily for personal use

Question 6

Real Property Rights (2 types)

Answer 6

Fixtures; As-extracted collateral

Question 7

Fixtures

Answer 7

movable things that are incorporated into immovable property

Question 8

As-extracted collateral

Answer 8

Rights in oil/gas/minerals, where security interest attaches as soon as extracted from ground

Question 9

Intangible Rights (6 types)

Answer 9

Account; Deposit Account; Instrument; Chattel Paper; Investment Property; General Intangibles

Question 10

Account

Answer 10

When something is sold or leased in exchange for a promise to pay

Question 11

Deposit Account

Answer 11

Commercial bank accounts

Question 12

Instrument

Answer 12

Promise to memorialized in a note or certificate of deposit

Question 13

Chattel Paper

Answer 13

both a promise to pay AND a property right - ex. leasing a car - bank can collect payments and get car at end of lease

Question 14

Investment Property

Answer 14

Stocks, bonds, securities accounts

Question 15

General Intangibles

Answer 15

Intellectual property rights; biz goodwill