Intorduction

Question 1

Semi-intangible

Chattel Paper

Answer 1

Is secured which evidence both a monetary and a si in a lease of specific goods.

Question 2

After Acquired Property Clause

Answer 2

A SP often wil want to obtain a SI not only in debtors present property, but also in property that the debtor will obtain in the future.

Consumer Goods= not more than 10 days.

Without still assurance for inventory or account.

Question 3

Security Interest

Answer 3

Is an interset in personal property or fixtures creates to secure payment or performance of an obligation.

Question 4

Semi-intangible

Deposit Account

Answer 4

An account maintained with the bank.

Note: Art 9 only applies to Non consumer deposit accounts and deposit accounts that are a proceeds of other collateral

Question 5

Secured: Lease

Relevant Question

Answer 5

At the time the parties entered into the transaction
* was it reasonably likely that the “lessor” would get the item back when it still had meaningful economic value.

• if yes: True Lease
• If no: Gov by art 9

Question 6

Secured

Account

Answer 6

A RIGHT to PAYMENT (not evidenced by an instrument or chattel paper):

1) For Goods
2) For Service
3) For real property
4) for a policy of insurance issued or to be issued,
5) Secondary Obligation incurred
6) Energy provided
7) Use for their ____
8) Credit Card
9) Lottery winner.

Question 7

Secured

Commercial Tort Claim

Answer 7

1) A claim arising in tort w/ respect to which the claimant is an organization, or
2) where claimant is an individual and the claim arose in the claimant claimant’s business or profession and does not include damages for personal injury or the death of individual.