Ch 7 Pt 2 not on test Flashcards Preview

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Flashcards in Ch 7 Pt 2 not on test Deck (21)
0

Secured transactions

When creditor sold something on credit or made loan
To debtor who agrees to give creditor security interest
In valuable object

1

Collateral

Security interest in valuable object

2

Attachment takes place when...

1 secured party has given value
2 debtor owns the collateral
3 security agreement is given

3

Attachment: security agreement

In writing, signed by debtor

Contains reasonable description of collateral

4

Perfection

Arises when security interest has attached and creditor
Has taken proper steps required by article 9

5

Financing statement

Contains names and addresses of creditor and debtor,
Reasonable description of collateral, signature of debtor

General way of perfecting security interest under article 9

6

Purchase money security interest (PMSI)

Secures purchase price of goods bought for personal
Or household use

7

A creditor with an attached security interest has priority over a creditor...

Without a security interest

8

A creditor with a perfected security interest has priority over one ...

Whose security interest has not been perfected

9

When 2 creditors have perfected security interests...

The 1 one whose interest has perfected first has priority

10

Buyer in ordinary course of business has priority...

Over a perfected security interest

11

Artisan's lien

Narrow property interest that arises when someone who
Contributes parts or services to personal property isn't paid

Allows them to keep property until you pay them, if they sell
Property can only profit from value they added to property

12

Mechanics lien

Arises when someone contributes materials to real estate
And isn't paid

13

Public nuisance

Arises from use of land that causes inconvenience or damage
To the public

Ex. Discharging industrial waste that pollutes rivers killing fish

14

Common law nuisance

Unreasonable use of one's property as to cause substantial
Interference with the enjoyment of another's land

Ex. Smoke, dust, noise

15

Zoning ordinances

Limits the use land can be put to

16

3 designated zoning ordinance districts

1 residential

2 commercial

3 industrial

17

Rule against perpetuities

Serves common good by preventing dead owners from
Indefinitely limiting new productive ways resources can
Be used

18

Duration limitations on property: trust arrangements

Trustees are legally required to carry out wishes of owner
Only up to 21 years after their death

19

Eminent domain

Government can take private property for public use upon
Paying just compensation

20

Public purpose

Any purpose that benefits the public