Vocabulary

Question 1

What is a security Interest

Answer 1

an interest in personal property or fixtures that secures payment or performance of an obligation

Question 2

What is the foundation of security interest?

Answer 2

security agreement (contract )

Question 3

What is the scope of Article 9

Answer 3

governs transactions, regardless of form, that create a secruity interest in personal property or fixtures by contract

Question 4

What must secured transaction must include

Answer 4

consent
involve personal property
courts look at the substance of the transaction

Question 5

what are agricultural liens?

Answer 5

interest in farm product that secures payment or performance of an obligation:

goods or services funished to farming options
rent on real property in connection with farming operation

Question 6

What type of sales are teated like secured transaction

Answer 6

Chattel Paper
Promissory Notes
Accounts Payment tangible.