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a security interest can be perfected in a PIG
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• A SECURITY INTEREST can be attached to 3 Types of PIG property
o P: commercial PAPER (i.e. bonds, corporate stock, etc..) To secure the interest, creditor can take possession or file a Financing Statement (FS) on the commercial paper and perfecting it. • However, perfected security interest in commercial paper can be cut off by a subsequent BFP (bona fide purchaser) of that paper. The best way to secure an interest in commercial paper is to take physical possesion of that commercial paper (POSSESSORY SECURITY INTEREST) To perfect a security interest in shares of stock of NY co-op apartment corporation (which is not considered real property), bank must • 1) take possession of the co-op’s shares of stocks + • 2) file a financing statement in the county clerk’s office where the real property is located. o INTANGIBLE property Such as patent rights, accounts receivable, contact rights in executory contracts, commercial bank accounts and doctor’s/hospital’s health care |
