Search for notes by fellow students, in your own course and all over the country.
Browse our notes for titles which look like what you need, you can preview any of the notes via a sample of the contents. After you're happy these are the notes you're after simply pop them into your shopping cart.
Document Preview
Extracts from the notes are below, to see the PDF you'll receive please use the links above
Chapter 30 “SECURED TRANSACTIONS”
Whenever the payment of a debts is guaranteed or secured by personal property owned or
held by the debtor, the transaction is secured
...
•
DEBTOR: party who owes money
•
Security interest: is the interest in the collateral that secures the payment or
performances of obligation
...
Perfection of security interest: legal process by which secured parties protect themselves
against the claims of third parties who may wish to have their debts satisfied out of same
collateral
...
•
Filing financial statement with the office of the appropriate gov officials
-
the most popular way of perfecting
...
-
Must be filed under the name of debtor
-
It is effective after 4 months of name change
-
Must describe the collateral
-
Consumer goods be filed at the state or local government official
•
…………
...
Pledge certain collateral as security for the debt
...
When the debt is paid, collateral is returned to the debtor
...
PMSI is the most common one
...
o Subject to fed law may require additional steps to be perfected like
boats, mobile homes
...
•
Effective time of form: 5 years from creation
...
Tangible collateral: all things that are movable at the time the security interest attaches
or that are attached to land, including timber or crops
...
•
Intangible goods: nonphysical property that exists only in connection with smthg else
...
•
Repossession on debtor’s default or self-help remedy : secured party can take peaceful
possession of collateral covered by the security agreement without use of judicial
process
...
•
Redemption right: Debtor pay the debt and other fees to reclaim his collateral