1. The Scope of Article 9 of UCC Flashcards
1
Q
What is the scope of UCC9?
A
Consensual security interests in personalty or goods
2
Q
Vocabulary
What is the party who owes the money called?
A
Debtor
3
Q
Vocabulary
What is the party who lends the money called?
A
Secured creditor
4
Q
Vocabulary
What is the contract/record called?
A
Security agreement
5
Q
Vocabulary
What is the name of the right the CR has in DR’s goods?
A
Security interest
6
Q
Vocabulary
What is the name given to the goods CR can look to for satisfaction?
A
Collateral
7
Q
Collateral
What are the two types of collateral?
A
- Tangibles
- Intangibles/semi-tangibles
8
Q
Collateral
What are the five types of tangible collateral?
A
- Consumer goods
- Equipment
- Inventory
- Farm products
- Fixtures
9
Q
Collateral
What determines the category of tangible collateral a thing falls?
A
How it is used by DR
10
Q
Collateral
What are some examples of intangible collateral?
A
IP, stocks, bonds, accounts
