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9 Cards in this Set
- Front
- Back
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Types of Collateral
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Consumer goods
Fixtures Intangible Property Farm Products Inventory Equipment |
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Attachment
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Creating an enforceable security agreement: need -
Value Contract Rights in collateral |
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After acquired collateral clause
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"all _____ now owned and hereinafter acquired."
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Perfection
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1. Can take possession of collateral
2. Perfect automatically if PMSI in consumer goods 3. File a financing statement with the secretary of state |
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Priority
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BIOC
PAC LC NBIOC AUPC GUC |
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PMSI in equipment
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to beat AACF, must file within 20 days after debtor takes possession of equipment
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PMSI in inventory
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To beat AACF, must file before debtor takes possession of inventory AND notify the AACF
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Default
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Creditor may
1. engage in self-help 2. strict foreclosure 3. repossession by judgment 4. sale of collateral |
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Engage in Self-Help
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Can't do it breaching the peace
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