Secured Transactions Flashcards
Owner v. Purchaser of stolen good.
A good faith buyer (even in ordinary course of business) will lose to an owner if the property was stolen to him
This is true even if the property changes hand several times Owner–Thief–Dealer–Purchaser
Accounts
When someone has interest in accounts owed to the Debtor (includes future accounts?)
–right to payment not evidenced by an instrument
Under Art where debtor defaults on loan, creditor may make person who owes debtor pay them directly instead.
Chattel paper
writings evidencing both a monetary obligation and a security interest in specific goods.
If property is aquired before marriage but paid for after marriage with marital funds–how is it divided?If property is aquired before marriage but paid for after marriage with marital funds–how is it divided?
Court will apportion between separate and marital interest in proportion with contribution.
Post marital increase in value will be marital.
Do both parties need to consent to a no fault divorce?
No!
Where can State have PJ for divorce
Bona fied resident: states may set minimum durational residency requirements.
How do you create an enforceable security interest/How does he attach?
VCR–Value, Contract, Rights in the contract,
What are the 5 types of collateral?
consumer goods equipment inventory farm products fixtures
Consumer Goods?
those items used for personal or familial purposes,
Equipment
itmes used inbusiness
Inventory
goods held for sale or lease
farm products
crops livestock supplies used in farming operations
fixtrures
items annexed to realty
How to attain perfection?
Taking possession
Filing
auto for PMSI in consumer goods
What is the order of priority?
BIOC, PAC, LC, NOCie, AUPie, GUC
What happens when you have a AACF-PMSI and a perfected attached creditor?
When collateral is equipment, a PMSI will win over a previous AACF, if PMSI lender files properly within 20 days after debtor takes possession
When collateral is inventory, a PMSI will win over a previous AACF if the PMSI lender files before debtor takes possession AND notifies the AACF lender.
Accession
goods that are physically united with other goods in such a manner that the identity of the original goods are not lost
If the accession becomes part of a whole that is subject to a security interested that has been perfected then the security interest in the whole has priority over security interest in the accession.
