Secured Transactions - Goods Flashcards
(18 cards)
tangible collateral
goods are anything that’s movable
Example of goods
fixtures, standing timber, unborn animals, unharvested crops, and manufactured homes.
debtor’s use of good at the time the security interest attaches
determines classification of the good
as collateral passes from debtor to debtor or the use changes the classification can
change
Consumer goods
goods for personal/family/household use
farm products
crops, livestock, supplies used in farming
inventory
goods (other than farm products) held for sale/lease or use din business (short-term use)
equipment
goods that are not consumer goods, farm products, or inventory (catchall)
chattel paper
monetary obligation + security interest in goods
documents
documents of title (warehouse receipts)
instruments
negotiable instruments (checks, promissory notes) and non negotiable instruments
investment property
certificated and uncertificated (stocks, bonds, security accounts)
accounts
right to payment for property sold, leased, or licensed
commerical tort claims
business related torts
deposit accounts
checking/savings account maintained with a bank but excludes investment property and accounts evidenced by instruments (certificate of deposits)
letter of credit rights
right to payment under a letter of credit, even though beneficary has not demanded nor is the time ripe for payment or performance
general intangibles
residual category (copyrights)
eligible transactions:
- leases
- consignments
-consignor’s security interest in consigned goods treated as a purchase money security interest in inventory - agricultural liens
