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Classification of collateral goods
Consumer goods
Equipment
Inventory
Farm products
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How do you attach a security interest to collateral?
1. Security agreement (k)
2. Value given (promise)
3. Debtor has rights in the collateral
How do you perfect a security interest?
1. Automatic-PMSI in consumer goods
2. Possession
3. Control
4. Notation on car title
5. File financing statement
What needs to be in a financing statement?
1. Debtor's name
2. Description of collateral
3. Secured party's name
4. Related real property financing statements
5. Authorization by debtor
What are the priority fights?
1. Secured party v Secured party
2. Secured party v Buyer of the collateral
3. Secured party v Judgment lien holders
4. Secured party v Statutory lien claimants
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