Perfection Flashcards
1
Q
For perfection you need what
A
attachment and one of the 5 methods
2
Q
what are the 5 methods
A
PMSI (automatic if consumer goods)
Control
Filing
Possession
Noting lien on cert of title
3
Q
Only method for non consumer debt account
A
Control
4
Q
What are the 4 types of goods
A
consumer, inventory, farm products, equipment
5
Q
inventory
A
goods for sale or leased or to be furnished under a contract
6
Q
consumer goods
A
bought primarily for famuly, personal, or household products
7
Q
farm products
A
crops, livestock, supplies
8
Q
equipment
A
catchall, goods other than consumer goods or farm products
9
Q
PMSI
A
Loan, secuirty interest, used
10
Q
perfect tender rule
A
In the United States, the perfect tender rule refers to the legal right for a buyer of goods to insist upon “perfect tender” by the seller
UCC 2-601
