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5 Cards in this Set
- Front
- Back
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Creating a PMSI - Two ways
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1. Creditor sells the goods to the debtor on credit
2. Creditor advances the funds used to purchase the goods |
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Three types of 'documents'
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1. Warehouse Receipts
2. Bills of Lading 3. Delivery Order |
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Proceeds, defined
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Whatever is acquired upon disposition of collateral; usually cash, accounts, negotiable instruments, or chattel paper
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Security Agreement Requirements
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1. Debtor's signature
2. Reasonably identifiable description of collateral |
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Two methods to create a security interest
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1. Possession of collateral
2. Security Agreement + SP gives value |
