Perfection Flashcards

1
Q

When is perfection automatic?

A

PMSI in consumer goods

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2
Q

Who is perfection used against?

A

Third parties

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3
Q

Perfection by Taking Possession

A

When the secured party takes actual possession of the collateral, security interest is perfect from the MOMENT of possession and continues AS LONG AS possession retained
*General intangibles, deposit accounts, nonnegotiable documents, electronic chattel paper, certificate of title goods, accounts CANNOT be perfected by possession

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4
Q

Perfection by Control

A
  • Security interests in investment property, nonconsumer deposit accounts, and electronic chattel paper can be perfected by control
  • *Nonconsumer deposit accounts can only be perfected by control
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