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6 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is personal property? |
Personal property is property that is not land, attached to land, or an interest in land. Example: goods such as cars, machinery and shares. |
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What are the categories of personal property under section 16 of the PPSA? |
Chattel paper. Documents of title. Goods. Money. Intangibles. Investment securities. Negotiable instruments. |
There are 7 |
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What is a security interest? |
An interest in personal property. |
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What is the Romalpa clause |
It is used when the seller gives the buyer possession of the goods without being paid in full. It means they can retain title to the goods that are now in the buys possession. |
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Explain attachment |
Attachment is when a security interest is created. We know attachment has happened when one person gives security rights over personal property to the person lending them money |
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Explain perfection |
Perfection is when a security interest has attached and the person lending the money registers a financing statement. This tells us which security interest has priority (or which attachment happened first). |
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