scope of article 9 Flashcards
1
Q
true lease
A
not covered by article 9. These arise when in the transaction it is reasonably likely they would receive property back when it had meaningful economic value.
2
Q
whether or not it is covered by Article 9
A
substance over form- if in substance you are giving contingent property interest that will kick in on default- that is an article 9 transaction.
3
Q
consignments
A
typical consignor holds title, then gives to consigners holds them, article 9 says that consignor has to comply with article 9 because it is a security interest.
