GENERAL SECURED TRANSACTIONS

Question 1

SEC T DEFINITON

Answer 1

A transaction intended to create a security interest in personal property or fixtures. It generally involves a sale on credit or a loan in which the seller or the lender obtains a lien on some or all of the debtor’s property as security for payment.

Question 2

ART 9

Answer 2

1. K Sec Interests
2. Intangibles
3. Commercial Consignment
   - 1k plus
   - deals in goods of that kind
   - not auctioneers
   - Not generally known to sell goods of others
4. Agricultural Lien
5. False Leases
6. Seller w retention of title

Question 3

COMMERCIAL CONSIGNMENT

Answer 3

• 1k plus
• deals in goods of that kind
• not auctioneers
• Not generally known to sell goods of others

Question 4

REQUIREMENT OF SEC T

Answer 4

ATTACHMENT - SEC AGREEMENT

PERFECTION - FINANCIAL STATEMENT

Question 5

PMSI

Answer 5

AUTOMATIC PERFECTION BY ATTACHMENT OF CONSUMER GOODS

Question 6

SECURITY AGREEMENT

Answer 6

1. Singed by C
2. Describes Collateral
3. Debtor has rights in collateral (ownership, possession, interest – retains tile over clocks)
4. Creditor must give Value (Money/debit/credit) in exchange of interest over collateral