Secured Transactions In General

Question 1

Security Interest

Answer 1

A security interest is generally an interest in personal property or fixtures that secures payment or performance of an obligation

Question 2

Collateral

Answer 2

Collateral is property subject to a security interest.

Question 3

Tangible Collateral–Goods

Answer 3

Goods encompasses anything that is “moveable at the time that a security interest attaches.”

Question 4

Agricultural Lean

Answer 4

An agricultural lien is an interest, other than a security interest, typically in farm products (e.g., crops, livestock) that secures payment or performance of an obligation for either:

i) Goods or services furnished regarding the debtor’s farming operation (e.g., livestock feed sold to a cattle rancher); or

ii) Rent on real property leased by a debtor in connection with a farming operation.