Vocabulary Flashcards
Attached Unperfected Creditor
A creditor who has attached by not perfected his interest in the collateral
BIOC PAC LC NOCie AUPie GUC
Lien Creditor
A creditor who has secured a lien on the collateral from a Court
BIOC PAC LC NOCie AUPie GUC
Perfected Attached Creditor
A creditor who has both attached and perfected.
BIOC PAC LC NOCie AUPie GUC
Non-Ordinary Course Buyer
A buyer who does not purchase a goods from a merchant who sells that good.
BIOC PAC LC NOCie AUPie GUC
Ordinary Course Buyer
A buyer who purchases the collateral from a merchant’s inventory.
BIOC PAC LC NOCie AUPie GUC
General Unsecured Creditor
A creditor who never took a security interest in the collateral.
BIOC PAC LC NOCie AUPie GUC
Consumer goods
Items used for personal or familial purposes, such as a home dining room set, blender, oven, refrigerator, or car.
Equipment
Items used in business, such as Macy’s cash registers, Mrs. Field’s cookie ovens, Le Cirque restaurant’s china.
Inventory
Goods held for sale or lease
Farm Products
Crops, livestock and supplies used in farming operations.
Fixtures
Items annexed to realty, such as lighting fixtures, sprinter systems, and furnaces.
After acquired collateral financier (AACF)
An interest un future collateral not yet acquired or held by the debtor. This is a floating lien.
Documents
Under Article 9, pieces of paper that represent the right to receive goods are called documents (e.g., bills of lading, warehouse receipts).
Instrument
As defined by Article 9, instruments are pieces of paper that represent the right to be paid money (e.g., promissory notes, drafts, certificates of deposit).
Chattel Paper
Records evidencing both a monetary obligation and a security interest in, or a lease of, specific goods are referred to as chattel paper.
