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5 Cards in this Set
- Front
- Back
- 3rd side (hint)
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Classification of collateral goods |
Consumer goods Equipment Inventory Farm products |
Chynna enjoys Italian food |
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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 |
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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 |
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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 |
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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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