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REG > Security Interests > Flashcards

Flashcards in Security Interests Deck (2)
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1

Security Interest:
Creation

Requirements for attachment:
1. Writing signed by debtor (only) including description of collateral (unless creditor possession of collateral)
2. Secured party must give value
3. Debtor must have "rights" in the collateral

2

Security Interest:
Rights of Creditor

1. right to repossess
2. sell repossessed collateral
3. creditor is a secured creditor and has priority over other unsecured creditors
4. creditor has priority in bankruptcy over unsecured creditors
5. creditor has the right to perfect the security interest

Decks in REG Class (109):

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