Perfection Flashcards
1
Q
When is perfection automatic?
A
PMSI in consumer goods
2
Q
Who is perfection used against?
A
Third parties
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
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