Secured Transactions

Question 1

START HERE

Answer 1

“Article 9 of the UCC governs any transaction regardless of its form that creates a security interest. This includes security interests in both tangible and intangible property.”

Question 2

possessory

Answer 2

keep collateral while pay for it

Question 3

non-possessory

Answer 3

do not keep collateral until paid for

Question 4

attachment (VRS)

Answer 4

value given
rights in collateral
security interest

Question 5

security agmt

Answer 5

describe collateral + authenticated

Question 6

perfection

Answer 6

attachment + security agmt

Question 7

financing statement

Answer 7

debtor + secured party + collateral

Question 8

BIOCOB

Answer 8

buyer in ordinary course of biz – super priority

buy in good faith + no knowl violates SI + seller of goods in the kind

Question 9

PMSI

Answer 9

$ used to purchase collateral

Question 10

PMSI in consumer goods

Answer 10

automatically perfected

Question 11

perfected interests

Answer 11

first in time first in right

Question 12

unperfected interestes

Answer 12

first to attach

Question 13

secured party rights

Answer 13

repossession in reasonable manner

Question 14

debtor’s rights

Answer 14

give up collateral or redemption