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14 Cards in this Set
- Front
- Back
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What is a security interest?
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A security interest gives a creditor the right to sell a debtor’s ppty to satisfy a debt.
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what is COLLATERAL
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Collateral refers to ppty in which a security interest is created
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what is attachment?
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essentially how a SI is created. Once a SI attaches, it becomes enforceable
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What are the requirements for a security interest to attach?
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SRV
1. security argreement 2. rights to collateral 3. value paid |
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what is a security agreement?
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A security agreement is any agreement that gives a secured party a security interest in collateral.
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what is after-acquired property
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after-acquired property is a security agreement that provides that there is a security interest in property that debtor acquires in the future. After acquired ppty is generally enforceable.
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What is perfection?
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Once a security interest attaches it is enforceable. Perfection of the interest only enhances the secured party’s right to collateral. A perfected interest will generally obtain priority over other later perfected third party claims.
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what are filing requirements?
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DAFS
• 1. The debtor’s name • 2. An adequate description of the collateral • 3. The filing fee • 4. Secured party’s name |
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What are the three methods of Perfection
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FPC
Filing Possession Control |
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What are the requirements for a security agreement
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LAD
Language that grants a security interest Authenticated by debtor Description of collateral. |
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What is Replevin
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Judicial action to take possession of the ppty
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What are goods
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all things that are moveable when a security interest attaches
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what are consumer goods?
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goods used mainly for personal, family, or household purposes.
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what is inventory?
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goods that are kept by a person for sale. Includes raw materials, work in process, or materials used or consumed”
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