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20 Cards in this Set
- Front
- Back
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Additional terms
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Terms that raise issues not covered in the offer.
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Attachment
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A three-step process that creates an enforceable security interest.
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Authenticate
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Means to sign a document or to use any symbol or encryption method that identifies the person and clearly indicates she is adopting the record as her own.
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Buyers in ordinary course of business (BIOC)
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Someone who buys goods in good faith from a seller who routinely deals in such goods.
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Collateral
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Property that is subject to a security interest.
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Debtor
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A person who has original ownership interest in the collateral.
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Default
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The failure of a debtor to pay money due on a loan or credit purchase.
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Different terms
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Terms that contradict those in the offer.
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Disclaimer
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A statement that a particular warranty does not apply.
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Express warranty
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One that the seller creates with his words or actions.
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Financing Statement
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A document that the secured party files to give the general public notice that it has a secured interest in the collateral.
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Fixtures
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Goods that have become attached to real estate.
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Goods
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Are things that are moveable, other than money and investment securities.
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Merchant
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Generally, someone who routinely deals in the particular goods involved.
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Merchantable
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Means that the goods are fit for the ordinary purposes for which they are used.
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Obligor
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A person who must repay money or perform some other task to satisfy a debt.
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Perfection
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A series of steps that the secured party must take to protect its rights in the collateral against people other than the debtor.
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Purchase money security interest (PMSI)
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An interest taken by the person who sells the collateral or advances the money so the debtor can buy it.
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Record
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Information written on paper or stored in an electronic or other medium.
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Repossession
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Occurs when the secured party takes back collateral because the debtor has defaulted.
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