Secured Transactions - Sec 19

Question 1

Types of collateral

Answer 1

Inventory, equipment, consumer goods, chattel paper: writings that evidence both a monetary obligation and security interest in specific goods or equipment

Question 2

Intangible

Answer 2

Account: any right to payment for goods or services that is not evidence by an instrument.

Negotiable instruments, warehouse receipt, bills of lading

Question 3

Purchase money security interest

PMSI

Answer 3

And interest and personal property or a fixtures that secures payment of an application that is: taken by the seller of the collateral to secure all or part of its price
Taken by a person who longs money or extend credit to enable the doctor to acquire the collateral

When the creditor provided the money to purchase the collateral in the first place

Question 4

DOTS

Answer 4

Creditor wants to protect their interest from several different parties

Debtor, attach only

Attach and perfect for the rest

other creditor claiming an interest in the same collateral,

trusting bankruptcy,

subsequent purchaser from the debtor without knowledge of perfection

Question 5

Occurrences for attachment

Answer 5

Property owned

Interest is created, signed security agreement or take possession

Give value to the debtor- Like a line of credit

Attachment gives a secured party the right to repossess collateral, when the debtor doesn’t pay the secure debt