Classifying Collateral Flashcards
Goods are
anything moveable at the time the SI attaches or
Fixtures, Timber, Unborn Animals, crops,
What are the 4 sub categories of goods
1) Consumer Goods
2) Farm products
3 )inventory
4) Equipment
Consumer Good are
Tangible items acquired for personal, family, or household purposes
Farm products
Crops, livestock, etc
Iventory
Goods that held for sale lease
Equipment
Goods that do not fit into any other definition
The classification of goods can
Change depending on who has them and what they are being used for
Good can also qualify as fixtures if
They are attached to real property in such a way that an interest arises in them under real property law
What are the 4 rights to payment ?
1) Instruments
2) Chattel paper
3) Accounts
4) Payment intangibles
An instrument is
An article 3 NI
Chattel paper is
A record of a
1) Monetary obligation; and
2) A SI or lease
Accounts are
A right to payment of a monetary obligation for property that is sold, leased, licensed etc
Payment intangible
Catch all for rights to payment
Other Types of collateral
Documents of Title
Investment property (stocks/bonds)
Deposit accounts
Commercial Tort Claims (arose in course of business, not PI or death claims)
Letter of credit rights
General intangibles
