Definitions

Question 1

Collateral

Answer 1

property that is that is the subject to a securitiy interest

Question 2

consumer goods transaction

Answer 2

NARROW: an individual incures and obligation primarliy for personal, family or household purposes.

REMEMBER: A SECURITY INTEREST IN CONSUMER GOODS COVERS THIS TRANSACTION.

Question 3

consumer transaction

Answer 3

Broad: an individual incures an abligation primarily for personal, family or household interest.

Remember all consumer goods transaction are consumer transaction but not visa versa

Question 4

PIMSI

Answer 4

a Purchase-Money-Obligation is an obligation incured as all or part of the price of collateral or for the falue given to enable the Dr. to acquire rights in or the use of the collateral if the value is in fact so used.

Question 5

requirements for creating a security interest, the agreement must attach to the collateral, to attach you need:

Answer 5

9-203
(b) enforceability: except were noted in subsection C-i, a security interest is enforceable ONLY IF:
1. value is given
2. the Dr has rights in the collateral or powerto transfer rights to a secured party ; AND
3. one of the following conditions are met:
a. Dr has an authinticated security argreement (Singed), that provided a description of the collateral or a descritption of the land (if timber)
b. the collateral is not a certificated security and is in the position of the secured party under 9-313 pursuant to the DR security argeement.