Security Interests

Question 1

Tangible security interests

Answer 1

“Goods” have five mutually exclusive categories: FIFE C:
F – FIXTURES which are goods attached to realty.
I – INVENTORY held for sale or lease as well as the raw materials used to make inventory.
F – FARM PRODUCTS
E – EQUIPMENT used in a business
C – CONSUMER GOODS used for personal, family, or household purposes.

Question 2

attachment of security agreement:

Answer 2

CAR for attachment of security agreement: collateral (value), authenticate, rights

Question 3

Perfection can occur by:

Answer 3

PFACTA – Possession, Filing Financing statement, automatic perfection, control, Temporary Perfection and Attachment to all.