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9 Cards in this Set
- Front
- Back
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Secure transaction |
Creditor obtains an interest in specific property of the debtor |
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Secured party |
Creditor |
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Security agreement |
The Creditor has a security interest in the debtors property |
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Collateral |
Property of debtor |
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Attachment |
A security interest is said to attach when the security agreement is signed and the Creditor has an interest in the collateral |
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What does it mean to perfect a security investment |
Creditor has priority over another creditor |
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Floating lien |
Possible for the Creditor to have perfect security interest in new inventory that is acquired after the Creditor filed the financial statement |
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What is a purchase money security interest? What is unique about it |
Security interest automatically is perfected Situation arises when a seller extend credit to a buyer of consumer goods for personal, family, or household use |
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Rights and obligations of a contractor that tries to repossess collateral from a debit who is in default |
Take possession of the collateral Renner equipment unusable |
