Secured Transaction Flashcards
1
Q
secured transaction
A
created when a debtor seeks a loan and the entity giving the loan takes a special property interest in a specific piece of the debtor’s property to insure repayment of the loan
2
Q
security interest
A
special property interest in the collateral
3
Q
collateral
A
specific piece of the debtor’s property to insure repayment of the loan
4
Q
what is the mind map for a ST essay?
A
classify the collateral
attachment
security interest created
debtor had rights in the collateral
creditor gave value
perfection
priority
default
