Intro + Scope

Question 1

SCOPE OF ARTICLE 9

Types of transactions covered under Article 9

Answer 1

(1) a transaction, regardless of its form, that creates a security interest in personal property or fixtures by contract;
(2) an agricultural lien;
(3) a sale of accounts, chattel paper, payment intangibles, or promissory notes;
(4) a consignment

Question 2

TERMS

Security Agreement Definition

Answer 2

“Security agreement” means an agreement that creates or provides for a security interest.