Scope of Article 9 Flashcards
1
Q
What does article 9 apply to?
A
Consensual security interests in personalty or fixtures and generally the personalty is goods.
2
Q
Who is a debtor?
A
Entity who owes money
3
Q
Who is the secured party or creditor?
A
Entity who lends
4
Q
What is the security agreement?
A
Contract or record
5
Q
What is the security interest?
A
Right creditor has over debtors personalty or fixtures
6
Q
What is collateral?
A
Look to this for satisfaction
7
Q
What two types of collateral can we have?
A
Tangible - Can be consumer goods, equipment (used in business), inventory (goods held for sale or lease), farm products or fixtures.
Intangible - Stocks, bonds, mutual funds, patents, copyright, trademark, accounts, proceeds.
