ST: Scope of UCC Art. 9

Question 1

To what kind of security interests does Art. 9 apply?

Answer 1

Consensual security interests (collateralization) of personalty or fixtures.

Question 2

When collateral is real estate, what law applies?

Answer 2

The law of mortgages.

Question 3

What are the 5 types of tangible collateral governed by Art. 9?

Answer 3

Consumer goods, Equipment, Inventory, Farm products, and Fixtures

Question 4

How do you know whether tangible collateral is a consumer good, equipment, or inventory?

Answer 4

Look at how the debtor uses it.

Question 5

What are the 5 categories of intangibles governed by Art. 9?

Answer 5

Patents, trademarks, copyrights, 
Stocks, bonds, mutual funds, 
Proceeds from the sale of collateral, 
Accounts, 
Promissory notes and drafts