UCC Article 9 Flashcards
1
Q
What is a security interest?
A
A security interest is a consensual lien on personal property.
2
Q
Who are the parties to security agreement?
A
The gender (gives the lien for the personal property), a secured party (holds the lien), and the obligor (owes the obligation that is secured and is usually the debtor ).
3
Q
When does UCC article 9 not apply?
A
Article 9 does not apply to real property liens, statutory liens, or judicial liens.
