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15 Cards in this Set
- Front
- Back
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Security Interest
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interest in personal property or fixtures that a creditor obtains to secure payment or performance of an obligation
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Attachment
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is a necessary element to enforce a security interest
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Future Advances
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extension of credit to be made in the future
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After Acuried Property
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property the debtor does not currently own but may acquire in the future
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Proceeds
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attachment automatically gives the secured party a security interest in the proceeds upon disposal of the property by the debtor
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Perfection
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protects the creditor against claims of other creditors
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Financing Statement
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serves as constructive notice to the world
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Continuation Statement
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within six months before maturity of debt
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Termination Statement
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filed when the debt is satisfied
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Field Warehousing Agreement
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representative of secured party takes control of all/portion of warehoused goods and releases them for sale only when payment is made to the secured party
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Purchase Money Security Interest
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loan of purchase money for consumer goods
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Buyer in the Ordinary Course of Business
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takes the purchase free from a secuirty interest created by his seller even though teh secuirty interest is perfected
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Bona Fide Purchaser
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retailer does not have priority
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Deficiency Judgment
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the debtor remains personally liable for any debt remaining after the sale of the collateral
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Commercially Reasonable Manner
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notice to debtor, buyer can redeem until collateral is disposed of by creditor
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