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4 Cards in this Set
- Front
- Back
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Steps
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(1) Does Art. 9 apply?
(2) Classify the collateral (3) Has the security interest attached? (Secured party v. Debtor) (4) Has the interest been perfected? (Secured party v. World) (5) What are the priorities bw the parties? (6) What are the rights upon default? |
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Classify the collateral
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1. What is the primary use of the debtor?
2. Most common: consumer goods, inventory, equipment, proceeds |
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Has the security interest attached? (secured party v. Debtor)
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1. Agreement evidenced by possession/control or a written security agreement
2. Secured party gave value 3. Debtor has rights in the collateral 4. Is there an after-acquired property clause or a future advance clause? 5. Is the interest a PMSI? (Secured party sells collateral to debtor on credit and reserved security interest or lends debtor money to buy the collateral) |
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Has the interest been perfected? (Secured party v. World)
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1. Filing financing statement/UCC-1 (were description, debtor's name and place proper?
2. Possession (not if intangible or semi-tangible) 3. Control (investment property, accounts, electronic chattel paper) 4. Automatic (is PMSI in consumer goods or small scale assignments of accounts involved) 5. Temporary (20 days)/4 mths (proceeds, disposition of negotiable documents, moving) a. Does same office rule apply? |
