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Flashcards in Vocabulary Deck (15):
1

Attached Unperfected Creditor

A creditor who has attached by not perfected his interest in the collateral

 

BIOC  PAC  LC  NOCie  AUPie  GUC

2

Lien Creditor

A creditor who has secured a lien on the collateral from a Court

 

BIOC  PAC  LC  NOCie  AUPie  GUC

3

Perfected Attached Creditor

A creditor who has both attached and perfected.

 

BIOC  PAC  LC  NOCie  AUPie  GUC

4

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

5

Ordinary Course Buyer

A buyer who purchases the collateral from a merchant's inventory.

 

BIOC  PAC  LC  NOCie  AUPie  GUC

6

General Unsecured Creditor

A creditor who never took a security interest in the collateral.

 

BIOC  PAC  LC  NOCie  AUPie  GUC

7

Consumer goods

Items used for personal or familial purposes, such as a home dining room set, blender, oven, refrigerator, or car.

8

Equipment

Items used in business, such as Macy's cash registers, Mrs. Field's cookie ovens, Le Cirque restaurant's china.

9

Inventory

Goods held for sale or lease

10

Farm Products

Crops, livestock and supplies used in farming operations.

11

Fixtures

Items annexed to realty, such as lighting fixtures, sprinter systems, and furnaces.

12

After acquired collateral financier (AACF)

An interest un future collateral not yet acquired or held by the debtor. This is a floating lien.

13

Documents

Under Article 9, pieces of paper that represent the right to receive goods are called documents (e.g., bills of lading, warehouse receipts).

14

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).

15

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.