Key Issues - Secured Transactions

Question 1

Secured transactions deals with what as opposed to mortgages

Answer 1

with personal property as opposed to real property

Question 2

Article 9 applies to what three general things

Answer 2

Secured transactions;
leases intended as security agreements;
consignments

Question 3

secured transactions are essentially about what

Answer 3

debtor-creditor relationship. One party buys something on credit from creditor or third party

Question 4

To ensure payment, the creditor takes a ______ ______ in personal property, also known as the ______, of the debtor

Answer 4

Creditor takes a SECURITY INTEREST;

also known as the COLLATERAL

Question 5

What usually happens if the debtor does not pay

Answer 5

Usually allows for repossession of the collateral