REG Concepts

Question 1

In regards to security interest, what three things must occur in order for it to attach?

Answer 1

1-property owned by debtor
2-interest in collateral created by either signed security agreement or taking possession (writing not required
3-giving value to debtor

Question 2

I’m regard to security interest, what are the three things that if any one occurs a security interest becomes perfected?

Answer 2

1-filing a financing statement
2-automatic perfection (purchase money security interest or PMSI)
3-taking possession of collateral

Question 3

What contracts are subject to the statute of frauds? Think GROSSE

Answer 3

1-sale of goods worth $500 or more
2-real estate sales
3-over one year required to perform contract
4-suretyship
5-statements in consideration of marriage
6-executor (promise to pay estates debts from executors personal funds)