Types of Collateral

Question 1

Scope of Art. 9

Answer 1

-any transaction creating a security interest in personal property for fixtures by contract
-leases for the entire economic life of the item
-sales of accounts receivables, chattel paper and negotiable instruments

Question 2

Goods

Answer 2

Anything movable lat the time a security interest attaches and includes:
-consumer goods
-inventory
-farm products
-equipment

Question 3

Consumer Goods

Answer 3

type of goods used or bought primarily for personal, family or household purposes

Question 4

Inventory

Answer 4

type of goods except farm products that are held for sale or lease, or furnished under a contract for services (includes raw materials, works in progress or business materials)

Question 5

Farm Products

Answer 5

Goods, other than standing timber, used in a farming operation

Question 6

Equipment

Answer 6

Goods other than consumer goods, inventory or farm products

Question 7

Tangibles Intangibles

Answer 7

Certain intangibles reduced to writing that can be transferred by writing, including:
-instruments
-documents of title
-chattel paper

Question 8

Instruments

Answer 8

A form of tangible intangibles that are negotiable instruments that evidence a right to payment of money. Writing must be of the type used in the ordinary course of business with the necessary endorsement or assignment

Question 9

Documents of Title

Answer 9

Type of tangible intangible that’s a document used in the regular course of business or financing that evidences the person in possession is entitled to the goods covered by the document

Question 10

Chattel Paper

Answer 10

Type of tangible intangible evidencing both a monetary obligation and a security interest in, or a lease of specific goods

Question 11

Intangible Intangibles

Answer 11

IncludesL
-general intangibles
-accounts

Question 12

General Intangibles

Answer 12

Type of intangible intangibles that don’t fit into any other category

Question 13

Accounts

Answer 13

Type of intangible intangible that are right of payment of a monetary obligation

Question 14

Investment Property

Answer 14

Certificated and uncertificated securities, securities accounts, and entitlements as defined in UCC Art. 8

Question 15

Proceeds

Answer 15

Collateral in the form of proceeds obtained from the disposition of other collateral, which may be in the form of cash or non-cash.