R7 - Secured Transactions Flashcards
1
Q
What are the three requirements for the attachment of a security interest?
A
Agreement (authenticated record/possession)
Value exchanged
Debtor has rights to property
2
Q
When is automatic perfection valid?
A
Purchase Money Securities Interest (PMSI) in consumer goods
Small scale assignment of A/R
3
Q
What is the order of priorities in conflicting interests in collateral?
A
Buyer in due course Perfected PMSI Perfected non-PMSI Unperfected Debtor
4
Q
When a debtor moves to a new state, how long does the creditor have to file another filing to perfect its security?
A
4 months
