UCC art 9 - Secured Transaction Flashcards
1
Q
Security interest reqs
A
Writing -
Give value
Debitor must have right to collaterals
2
Q
Perfection
A
Priority over debtor collateral
3
Q
Methods of prefection
A
Filing
Possession
Automatic perfection
Temporary perfection
4
Q
Period of prefection
A
5 years
Can renew wishing 6 month
As long as position continue
Must use care
5
Q
Perfecting security to consumer
A
Automatically create security
Filing is not necessary
6
Q
Security interest filing reqs
A
Names and collaterals description and address
7
Q
60% rule
A
If reported goods if u paid 60% must sell
8
Q
Distribution from sales of collaterals
A
Expenses
First priority
Second
Debtor
