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100 > Sec > Flashcards

Sec Flashcards

1
Q

SECURED TRANS

A

TRANS INTENDED TO CREATE SI IN PERSONAL PROP OR FIXTURES

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2
Q

CREDIT SALE

A

BUYER DOESNT PAY FULL PURCHASE PRICE AT TIME OF SALE

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3
Q

DEBTOR

A

WHO OWES THE $

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4
Q

CREDITOR

A

PERSON WHO $ IS OWED TO

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5
Q

SECURED CREDITOR

A

CREDITOR W SPECIAL COLLECTION RIGHTS (SI)

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6
Q

SECURITY AGREEMENT

A

K B/W D & C MUST HAVE LANGUAGE CREATING SI

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7
Q

SI

A

INT IN PERSON PROP OR FIXTURES SECURING PAYMENT OR PERFORMANCE

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8
Q

COLLATERAL

A

PROPERTY SUBJ TO SI

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9
Q

PURCHASE MONEY SI.

CREATING: SELLER FINANCED PMSI

A

SEC PARTY SELLS COLLATERAL ON CREDIT

RETAINS SC IN COLLATERAL

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10
Q

PMSI

CREATING: FINANCER FINANCED PMSI

A

LOAN TO PURCHASE COLLATERAL

LOAN USED TO ACQUIRE THT COLLATERAL

CREDITOR TAKES SECURITY INT IN THT COLLATERAL

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11
Q

AFTER ACQUIRED PROPERTY CLAUSE

A

GRANT OF SI IN PROPERTY OBTAINED IN FUTURE

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12
Q

FUTURE ADVANCE CLAUSE

A

GRANT OF SA SECURING FUTURE LOANS W SAME COLLATERAL

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13
Q

ATTACHMENT

A

STEPS NECESSARY TO CREATE SI EFFECTIVE AGAINST DEBTOR

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14
Q

PERFECTION

A

STEPS NECESS TO CREATE SI EFFECTIVE AGAINST THE WORLD

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15
Q

GOODS

A

TANGIBLE MOVABLE PERSONAL PROPERTY

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16
Q

GOODS EITHER 1-4

A

1) CONSUMER GOODS
2) EQUIPMENY
3) FARM PRODUCTS OR
4) INVENTORY

CLASSIFY BASED ON HOW COLLATERAL IS USED

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17
Q

CONSUMER GOODS

A

USED OR BOUGHT FOR USE PRIMARILY FOR PERSONAL OR HOUSEHOLD PURPOSE

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18
Q

EQUIPMENT

A

GOOD USED OR BOUGHT FOR USE IN BUSINESS

CATCHALL

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19
Q

FARM PRODUCTS

A

CROPS OR LIVESTOCK OR SUPPLIES USED OR PRODUCED
IN FARMING OPERATIONS OR PRODUCTS OF CROPS OR LIVESTOCK

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20
Q

INVENTORY

A

GOODS HELD BY A PERSON WHO HOLDS THEM FOR SALE OR LEASE

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21
Q

SEMI INTANGIBLE AND INTANGIBLE PROPERTY

A

INSTRUMENTS (CHKS PN)

documents (bills of lading, warehouse receipts)

chattel paper (monetary obligation, SI in specific goods)

record (writing)

investment property (stocks bonds)

accts (right to payment)

non-consumer deposit accts

comm tort claim

general intangibles (intellectual property goodwill)

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22
Q

ATTACHMENT REQS

A

1) SECURITY AGREEMENT
2) VALUE GIVEN
3) DEBTORS RIGHTS IN COLLATERAL

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23
Q

SECURITY AGREEMENT

A

CAN HAVE ORAL SA SO LONG AS THE COLLATERAL IS IN THE POSSESSION OF THE SECURED PARTY

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24
Q

REQS OF WRITTEN SA

A

1) RECORD SHOWING INTENT TO CREATE SECURITY INTEREST

2) AUTHENTICATED BY DEBTOR (USUALLY SIGNED)

3) DESCRIBE COLLATERAL (REASONABLY IDENTIFY)

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25
Q

VALUE

A

ANYTHING THT WOULD WORK IN K LAW + PAST CONSIDERATION WOULD WORK TOO

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26
Q

AFTER ACQUIRED PROPERTY

A

SI ONLY REACHES COLLATERAL D HAD RIGHTS IN AT TIME OF SIGNING SA

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27
Q

AFTER ACQUIRED PROPERTY EXCEPTION

A

COLLATERAL IS OF A TYPE RAPIDLY DEPLETED AND REPLENISHED (INVENTORY, ACCOUNTS)

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28
Q

PROCEEDS

A

ANYTHING RECEIVED FROM SALE EXCHANGE COLLECTION OR OTHER DISPOSITION OF COLLATERAL OR PROCEEDS

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29
Q

TO DETERMINE WHICH PART OF A COMINGLED MASS OF CASH IS IDENTIFIABLE (SP HAS A SI IN IT)- LOWEST INTERMEDIATE BALANCE TEST

A

LOOK AT BALANCE OF COMINGLED BANK ACCOUNT STARTING AT THE TIME THE PROCEEDS ARE DEPOSITED AND ENDING AT THE TIME YOURE APPLYING THE TEST- LAW DEEMS LOWEST BALANCE DURING THT TIME PERIOD IS THE SECURED PARTYS IDENTIFIABLE PROCEEDS BUT IT CANT EXCEED THE VALUE OF THE CASH PROCEEDS ORIGINALLY DEPOSITED

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30
Q

HOW TO PERFECT SI

A

ATTACH + ADDITIONAL STEP

1) AUTOMATIC PERFECTION (PMSI IN CONSUMER GOODS)
2) POSSESSION (GOODS-COMMON)
3) CONTROL (DEPOSIT ACCTS)
4) NOTATION ON CERTIFICATE OF TITLE (CAR STATUTE)
**EXCEPTION: MUST FILE FINANCING STATEMENT AGAINST INVENTORY
5) FILING A FINANCIAL STATEMENT (UCC-1)

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31
Q

FS INDEXED BY

A

DEBTORS NAME

(UNEXPIRED DL)

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32
Q

CONTROL OF NON CONSUEMR DEPOSIT ACCTS

A

AUTOMATIC CONTROL BY BANK MAINTAINING ACCT

PUTTING ACCT IN SECURED PARTYS NAME

CONTROL AGREEMENT

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33
Q

MISTAKES IN FS OK AS LONG AS

A

ERRORS NOT SERIOUSLY MISLEADING

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34
Q

FS NOT SERIOUSLY MISLEADING WHEN

A

SEARCH W CORRECT NAME
USING STANDARD SEARCH LOGIC
WOULD FIND FS

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35
Q

NAME CHANGE

A

FS UNDER OLD NAME STILL GOOD ON COLLATERAL RECEIVED FOUR MONTHS OR LESS AFTER CHANGE

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36
Q

IN FS SUPERGENERIC DESCRIPTIONS

A

VALID

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37
Q

FS NEED NOT BE

A

SIGNED BUT MUST BE AUTHORIZED

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38
Q

D AUTOMATICALLY AUTHORIZES FS IF THEY

A

AUTHENTICATE A SA COVERING THE SAME COLLATERAL

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39
Q

FILE FS W THE

A

SECRETARY OF STATE

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40
Q

REAL ESTATE RELATED COLLATERAL

A

MAKE A COUNTY FILING WHERE THE REAL ESTATE IS LOCATED

41
Q

DEBTOR MOVES

A

SECURED PARTY BECOMES UNPERFECTED 4 MONTHS AFTER THE DEBTORS MOVE UNLESS IT FILES A FS IN THE NEW JX B4 THT 4 MO PERIOD IS UP

42
Q

COLLATERAL MOVING ACROSS STATE LINES TO A NEW OWNER WHOS LOCATED IN A DIFF STATE

A

SP WILL BECOME UNPERFECTED ONE YEAR AFTER THE COLLATERAL MOVES UNLESS IT FILES A FS IN THT NEW JX BEFORE THT 1 YR PERIOD IS UP

43
Q

LENGTH OF FS EFFECTIVENESS

A

5 YRS

44
Q

IF YOU HAVE SECURITY INTEREST IN PROCEEDS YOU AUTOMATICALLY GET

A

20 DAYS OF FREE PERFECTION

(SI IN THOSE PROCEEDS WILL BECOME UNPERFECTED ON DAY 21 - UNLESS THE PROCEEDS ARE IDENTIFIABLE CASH- OR UNLESS THAT SAME OFFICE RULE APPLIES EX: DO YOU FILE AT THE SAME PLACE FOR INVENTORY AS YOU WOULD FOR EQUIPMENT)

45
Q

PROCEEDS

A

W/E WAS RECEIVED UPON THE SALE EXCHANGE OR OTHER DISPOSITION OF COLLATERAL

46
Q

HOW DO YOU ACQUIRE PROCEEDS W/O BUYING THEM

A

SOME KIND OF IN KIND EXCHANGE

47
Q

NUMBER ONE EXAMPLE THT USES THE SAME OFFICE RULE IS

A

WHEN THE DEBTOR HAS INVENTORY THAT IS SOLD ON CREDIT

DID WE FILE A FS AGAINST THE INVENTORY: YES
WHEN THE INVENTORY GOT SOLD ON CREDIT AND ACCOUNTS GOT PRODUCED, WHAT ARE THE ACCOUNTS?
THEYRE PROCEEDS

STEP 3: DO YOU FILE A FS AGAINST ACCOUNTS IN THE SAME PLACE WHERE YOU FILE AGAINST INVENTORY: YES

(ANY COLLATERAL THTS NOT REAL ESTATE RELATED: SECRETARY OF STATE)

48
Q

SAME OFFICE RULE APPLIES ONLY IF

A

THE PROCEEDS WERE NOT ACQUIRED W CASH

AND IF IT DOESNT APPLY- WHEN OUR 20 DAYS OF FREE PERFECTION EXPIRES OUR SI WILL BE UNPERFECTED UNLESS B4 THT 20 DAY PERIOD IS UP WE GO AND PERFECT IN THAT (“PROCEED” I.E. GO AMEND FS)

49
Q

WHAT IF THE D CHANGES ITS USE IN COLLATERAL (I.E. FROM EQUIPMENT TO INVENTORY)

A

FILED FS REMAINS EFFECTIVE TO PERFECT THE SI

THE SC HAS NO DUTY TO MONITOR THE COLLATERAL OR TO AMEND THE FS EVEN IF IT KNOWS THT THE DESCRIPTION IS SRSLY MISLEADING

50
Q

GENERAL RULE: AS B/W TWO PERFECTED SC

A

FIRST TO FILE OR PERFECT- WHICHEVER OCCURS FIRST HAS PRIORITY

51
Q

FIGHT B/W TWO UNPERFECTED SC

A

FIRST TO ATTACH

52
Q

PERFECTED SC V UNPERFECTED SC

A

THE PERFECTED SC HAS PRIORITY

53
Q

PMSI IN GOODS OTHER THAN INVENTORY OR LIVESTOCK (NORMALLY A PMSI IN EQUIPMENT)

A

A PMSI IN SUCH GOODS HAS PRIORITY OVER A CONFLICTING SI IN THE SAME GOODS OR ITS IDENTIFIABLE PROCEEDS IF THE PMSI IS PERFECTED AT THE TIME THE DEBTOR RECEIVES POSSESSION OF THE COLLATERAL OR W/IN 20 DAYS THEREAFTER - WHEN YOU BLOW THE SPECIAL RULE- FALL BACK TO THE GENERAL RULE

**PERFECTED SC FIGHTING PERFECTED SC (FIRST TO FILE OR PERFECT)

54
Q

A PMSI IN INVENTORY OR LIVESTOCK HAS PRIORITY OVER CONFLICTING SI IN THE SAME INVENTORY OR LIVESTOCK IF

A

BEFORE THE DEBTOR RECEIVES POSSESSION OF THE INVENTORY OR LIVESTOCK THE SP PERFECTS AND

SENDS AN AUTHENTICATED NOTICE TO HOLDERS OF PREVIOUSLY FILED CONFLICTING SI IN THE COLLATERAL

THE HOLDER OF THE CONFLICTING SI MUST RECEIVE THIS NOTICE W/IN 5 YRS B4 THE DEBTOR RECEIVES POSSESSION OF THE INVENTORY

55
Q

A COSIGNERS INTEREST IN THE CONSIGNED GOODS IS CONSIDERED TO B A PMSI IN INVENTORY THEREFORE

A

A CONSIGNER CAN ACQUIRE PMSI SUPERPRIORITY IN COSIGNED GOODS IF SHE COMPLIES W THE ABOVE REQS FOR GAINING PMSI SUPERPRIORITY IN INVENTORY

56
Q

SELLER FINANCED V FINANCER FINANCED PMSI

A

SELLER FINANCED BEATS THE FINANCER FINANCED

57
Q

INVESTMENT PROPERTY

A

CONTROL BEATS OTHER PERFECTION METHODS

EARLIER CONTROL BEATS LATER CONTROL

DEBTORS INTERMEDIARY (LIKE A BROKER) BEATS OTHER CREDITORS

58
Q

A SI PERFECTED BY CONTROL HAS PRIORITY OVER A SI PERFECTED BY PROCEEDS IF CONFLICTING INTERESTS EACH WERE PERFECTED BY CONTROL

A

THEY RANK ACCORDING TO THE TIME OF OBTAINING CONTROL

59
Q

A SECURED PARTY WHO HAS OBTAINED CONTROL BY PUTTING THE DEPOSIT ACCOUNT IN ITS OWN NAME HAS

A

PRIORITY OVER ALL OTHER SECURED PARTIES W CONTROL

60
Q

A BANK THT HAS CONTROL BC IT MAINTAINS THE DEPOSIT ACCOUNT HAS PRIORITY OVER ALL SP’S W CONTROL, EXCEPT

A

FOR THE SP W THE DEPOSIT ACCT IN ITS NAME

61
Q

IF A PURCHASER OF CHATTEL PAPER IN GOOD FAITH GIVES NEW VALUE AND TAKES POSSESSION IN TEH ORD COURSE OF BUSINESS THE PURCHASER WILL HAVE PRIORITY OVER

A

A SI IN CHATTEL PAPER THT ARISES MERELY AS PROCEEDS OF INVENTORY AND ANY OTHER SI IN THE CHATTEL PAPER AS LONG AS THE CHATTEL PAPER PURCHASER ACQ’D ITS INTEREST W/O THE KNOWLEDGE THT THE PURCHASE VIOLATED THE RIGHTS OF THE SP

LOW

62
Q

A PURCHASER OF AN INSTRUMENT HAS PRIORITY OVER A PERFECTED SI IN THE INSTRUMENT IF

A

THE PURCHASER GIVES VALUE AND TAKES POSSESSION OF THE INSTRUMENT IN GOOD FAITH AND W/O KNOWLEDGE THT THE PURCHASE VIOLATES THE RIGHTS OF THE SP

LOW

63
Q

GENERAL RULE (BUYER SP)

A

IF YOU BUY SOMETHING W A SI ON IT - THE SECURITY INTEREST STAYS ON IT

64
Q

EXCEPTIONS TO GENERAL RULE ON SP V BUYER

A

AUTHORIZED SALE
(IMPLIED (INVENTORY) V EXPRESS)

65
Q

BUYER IN ORD COURSE OF BUSINESS

A

TAKES FREE OF A SI CREATED BY HIS SELLER

(THE DEBTOR -(APPLIANCE WORLD)- CREATES THE SI)

66
Q

WHAT IS A BIOC

A

BUYER IN GOOD FAITH

WITHOUT KNOWLEDGE OF VIOLATIONS (FOR ALL I KNOW THE CREDITOR HAS AUTHORIZED THE SALE OF THIS ITEM FREE OF ITS LIEN)

IN ORD COURSE

FROM SELLER OF GOODS OF THT KIND

67
Q

BUYERS NOT IN THE ORD COURSE TAKE SUBJ TO

A

PERFECTED SI

-TAKE FREE OF UNPERFECTED SI (UNLESS THEY KNOW OF THE SI)

68
Q

CONSUMER TO CONSUMER SALES

A

A BUYER TAKES FREE OF A SI EVEN THOUGH ITS PERFECTED IF HE BUYS W/O KNOWLEDGE OF THE SI FOR VALUE AND FOR HIS PERSONAL FAMILY OR HOUSEHOLD PURPOSES UNLESS PRIOR TO THE PURCHASE THE SP HAS FILED A FS

MUST BE CONSUMER GOODS IN THE HANDS OF SELLER AND BUYER

69
Q

JUDGMENT LIENHOLDER

A

A CREDITOR WHO WON A JUDGMENT IN CT

70
Q

SECURED PARTY V JUDGMENT LIENHOLDER - WHO WINS

A

JUDGMENT LIENHOLDER WINS IF LIEN AROSE B4 SI WAS PERFECTED

71
Q

PMSI V LIEN CREDITOR

A

IF THE SP FILES W RESPECT TO A PMSI W/IN 20 DAYS AFTER THE D RECEIVES POSSESSION OF THE COLLATERAL, HE TAKES PRIORITY OVER THE LIEN CREDITOR

72
Q

FUTURE ADVANCE V LIEN CREDITOR

A

IF THE FUTURE ADVANCE IS MADE W/O KNOWLEDGE OF THE LIEN OR WITHIN 45 DAYS OF THE LIEN ARISING OR PURSUANT TO A COMMITMENT ENTERED INTO W/O KNOWLEDGE OF THE LIEN

73
Q

SP V STATUTORY LIEN CLAIMANT (MECHANIC LIEN EX)

A

STATUTORY LIEN HOLDER WINS IF THEY MAINTAIN POSSESSION OF THE COLLATERAL

74
Q

DEFAULT

A

EVENT CAUSING SI TO SPRING TO LIFE

75
Q

REPOSESSION-JUDICIAL PROCESS

A

REPLEVIN LAWSUIT- CT ORDER THT DIRECTS THE SHERIFF TO GO OUT AND REPOSSESS THE DEBTORS PROPERTY

76
Q

SELF HELP REPOSSESSION

A

CREDITOR TAKES COLLATERAL W/O GOING TO CT FIRST

(CANT BREACH THE PEACE)

77
Q

BREACH OF PEACE

A

ANY CONDUCT BY THE SP THT HAS THE POTENTIAL TO LEAD TO VIOLENCE IS A BREACH OF THE PEACE

GENERALLY D’S PHYS PRESENCE OR A REP (LIKE FAM MEMBER) PLUS VERBAL OBJECTION

UNAUTHORIZED ENTRY OF A HOME

78
Q

PICKING LOCK AND NOT RELOCKING =

A

BREACH OF PEACE

79
Q

THE SP MAY ALSO MAKE EQUIPMENT UNUSABLE AND DISPOSE OF IT ON THE DEBTORS PROPERTY IF SHE CAN DO SO W/O

A

BREACH OF THE PEACE

80
Q

IF THE D DEFAULTS AND THE COLLATERAL IS ACCOUNTS THE SC CAN NOTIFY THE PERSONS OWING MONEY TO THE D TO

A

MAKAE PAYMENT TO THE SP INSTEAD OF TO THE DEBTOR

81
Q

STRICT FORECLOSURE

A

CREDITOR JUST WANTS TO KEEP THE COLLATERAL ITSELF TO SATISFY DEBT (INSTEAD OF SELLING IT)

82
Q

A SP THT WANTS TO DO A STRICT FORECLOSURE HAS TO SEND ITS PROPOSAL TO ANY OTEHR SP TO WHOM

A

THE FORECLOSING PARTY HAS RECEIVED NOTICE OF A CLAIM TO THE COLLATERAL AND ANY OTHER SP WHO HAS PERFECTED A SI IN THE COLLATERAL BY FILING A FS OR NOTING ITS SI ON THE CERTIFICATE OF TITLE

83
Q

IF A NOTIFIED PARTY (STRICT FORECLOSURE) OBJECTS W/IN 20 DAYS AFTER THE SP SENT NOTICE THE COLLATERAL MUST BE DISPOSED OF BY

A

SALE

84
Q

THE D CONSENTS TO STRICT FORECLOSURE BY

A

AGREEING IN AN AUTHENTICATED RECORD AFTER DEFAULT OR IN THE CASE OF A FULL STRICT FORECLOSURE FAILING TO MAKE AN AUTHENTICATED OBJECTION W/IN 20 DAYS AFTER THE SP SENT NOTICE

A D CANNOT CONSENT TO A PARTIAL STRICT FORECLOSURE IN THIS MANNER

85
Q

WHEN THERE IS A FORECLOSURE SALE, THE FORECLOSING LIEN GETS WIPED OFF AND ANY JUNIOR LIENS GET WIPED OFF BUT …

A

ANY LIENS THAT ARE SENIOR TO THE FORECLOSING LIEN DO NOT GET WIPED OFF

86
Q

EVERY ASPECT OF THE SALE- METHOD, MANNER, TIME, PLACE, TERMS MUST BE

A

COMMERCIALLY REASONABLE

87
Q

DEFIECIENCY JUDGMENT

A

AMT CREDITOR CAN COLLECT FROM D BEYOND VALUE OF COLLATERAL

88
Q

CONDUCTING COMMERCIALLY UNREASONABLE SALE

A

ACTUAL DAMAGES

MINIMUM RECOVERY FOR CONSUMER GOODS- IF VIOLATED- D IS ENTITLED TO A MINIMUM OF 10% OF THE CASH PRICE OF THE GOODS PLUS AN AMT EQUAL TO ALL OF THE INTEREST CHARGES TO BE PAID OVER THE LIFE OF THE LOAN (STATUTORY PENALTY FOR CONSUMER GOODS)

NO COMMERCIALLY REASONABLE SALE= NO DEFICIENCY JUDGMENT= SP PRESUMPTIVELY LOSES ANY DEFICIENCY

89
Q

RIGHT TO REDEEM

A

D’S ABILITY TO RECOVER COLLATERAL BY PAYING EVERYTHING OWED TO CREDITOR

90
Q

FIXTURES

A

GOODS THT HAVE BECOME SO RELATED TO PARTICULAR REAL PROP THT AN INTEREST IN THEM ARISES UNDER REAL PROP LAW

91
Q

IN GENERAL PERS PROP ATTACHED TO REAL ESTATE W THE INTENT THAT IT BECOME A PERMANENT PART OF THE REAL ESATE IS A

A

FIXTURE

92
Q

FIXTURE FILING

A

MUST REASONABLY IDENTIFY THE REAL ESTATE AND MUST SHOW THE NAME OF THE OWNER

REAL ESTATE RELATED COLLATERAL-FILE W COUNTY FILING WHERE THOSE FIXTURES ARE LOCATED

93
Q

WHEN THE SI IN THE FIXTURE HAS PRIORITY OVER ALL INTEREST IN THE REAL PROPERTY, THE HOLDER OF THE SI IN THE FIXTURE MAY UPON DEFAULT

A

REMOVE THE FIXTURE FROM THE REAL PROPERTY

94
Q

SP V REAL ESTATE INTEREST

A

FIRST IN TIME WINS UNLESS SECURITY INTEREST IS IN PMSI THEN PMSI WINS

95
Q

A CONSTRUCTION MORTGAGE TAKES PRIORITY OVER A SUBSEQUENT PMSI IN FIXTURES EVEN IF

A

THE SI IS PERFECTED BY A FIXTURE FILING W/IN 20 DAYS OF FIXATION

96
Q

ACCESSIONS

A

GOODS PHYSICALLY UNITED W OTHER GOODS (LIKE TIRES ON A CAR)

97
Q

IF A SI IS PERFECTED WHEN THE COLLATERAL BECOMES AN ACCESSION

A

THE SI REMAINS PERFECTED IN THE COLLATERAL

EXCEPT
SI IN ACCESSION

-SUBORDINATE TO SI IN WHOLE
-PERFECTED BY COMPLIANCE W TITLE STATUTE

98
Q
A

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