Secured Transactions

Question 1

Collateral

Answer 1

Contractual security interest in person property, or fixtures, that secure payment or performance of an obligation

Question 2

Attachment

Answer 2

1) value given by secured party
2) debtor has rights in the collateral
3) authenticated security agreement OR possession or control of collateral

Question 3

Acessions

Answer 3

Goods that are physically united but original not lost

• security interest continues in acession

Question 4

Commingled Goods

Answer 4

Identity lost

• security interest does not continue

Question 5

PMSI

Answer 5

Only valid if in goods or software

• Value given allows the debtor to acquire the goods/software; and
• the goods or software acquired secures the loan

Question 6

Methods of perfection

Answer 6

1. fililng
2. possession
3. control
4. alternate perfection systems
5. perfection under a state’s certificate of title law
6. automatic perfection

Must describe collateral but can be super generic

Question 7

Perfection of Lien in Car

Answer 7

must be noted on the certificate of title and sworn notice of the lien filed with the DMV including date, name, address, description, and VIN