General

Question 1

What are goods?

Answer 1

anything that is moveable at the time the security interest attaches.

Question 2

What are the four classes of goods?

Answer 2

1) Consumer Goods
2) Farm Products (including farming equipment)
3) Inventory
4) Equipment

Question 3

How do you classify tangible property that is used by the debtor for multiple purposes?

Answer 3

Look to the principal use.

Question 4

At what time do you test the principal use of the goods?

Answer 4

At the time the security interest attaches

Question 5

How is software classified?

Answer 5

• if a part of a good then it is classified the same as the good.
• software not embedded is a general intangible.