Secured Transactions Financing Statements Flashcards

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1
Q

Security Agreement

A

Creates/provides for SI in certain collateral
- Must be in writing & authenticated by the debtor
- Must contain a granting clause
- need not be formal or in same document

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2
Q

Security Agreement - Possession

A

Where secured party has possession, only need agreement which can be oral, that secured party is to have an SI

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3
Q

Purchase-Money Security Interest

A

Pertains to goods that secure an obligation as to all/part of the price of the collateral, or for value given to enable the debtor to acquire rights in or use of the collateral, if the value is in fact so used
- Must be for goods that are given as collateral for an obligation the debtor incurred for the purchase of goods & actually was used to buy those goods

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4
Q

Creation

A

Two steps:
- Written security agreement/possession of collateral by secured party w/ intent to secure
- attachment of SI to the collateral

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