Introduction Flashcards
1
Q
What is the SCOPE of Article 9?
A
Applies to consensual security interests in personalty or fixtures
2
Q
How does a creditor create an enforceable security interest in debtor’s collateral, meaning how does the creditor ATTACH?
A
Value
Contract
Rights in collateral
3
Q
Once attached, how does the creditor attain PERFECTION?
A
by putting the world on RECORD NOTICE of its existence
4
Q
When more than one creditor has a stake in the same collateral, what of the rules of priority?
A
First in time, first in right, generally
5
Q
What if the debtor DEFAULTS on the debt or obligation?
A
Article 9 creditor has statutory & judicial remedies
