Secured Transactions Flashcards
1
Q
Security Interest
A
Under UCC Article 9, a security interest is an interest in personal property or fixtures that secures payment or performance of an obligation.
2
Q
Purchase money security interest (PMSI)
A
Under UCC Article 9, a purchase money security interest is a loan or extension of credit for the purpose of allowing the debtor to purchase the particular property in which he gives the security interest, which creates a security interest with priority over all other security interests in the same goods.
