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Attachment of the interest Flashcards

(4 cards)

1
Q

Attachment defined

A

Attachment is the process by which the security interest is created and becomes enforceable - it “attaches” to the collateral. This is the substantive requirement that must accompany the contract

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2
Q

Attachment - 3 part test

A
  • Secured party gives value (usually, gives the actual cash for the loan)
  • debtor has rights in the collateral
  • debtor has authenticated a security agreement that sufficiently describes the collateral

Sufficient description: description by UCC type is fine (“all inventory”) EXCEPT consumer goods and transaction is a consumer transaction. Can’t give everything you own as collateral lol

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3
Q

After-acquired collateral

A

Property obtained after the security agreement is created.
RULE: applies if agreement specifically says it’s included - “all equipment now owned or hereafter acquired”

EXCEPTIONS:

  • interest in inventory or accounts receivable ALWAYS includes after-acquired collateral
  • CANNOT give interest in after-acquired consumer goods, unless acquired within 10 days of value given
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4
Q

Future advances

A

Security agreement can specify that collateral secures future advances (i.e. more loans later)

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