Lecture 5 Lecture Notes.docx

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Department
Business Administration - Human Resources
Course
Business Administration - Human Resources HRA734
Professor
anon
Semester
Spring

Description
Lecture NotesSession FiveSecurity for Debt Negotiable Instruments International Business Law1Introduction to Chapter 292Secured CreditoraA creditor that may look to particular assets of the debtor to ensure payment of the debtbTakes a security interest in assets of the debtor3Unsecured CreditoraA creditor who does not take a security interest in the assets of the debtor4Security interestaTaking an interest in the personal property of the debtor to secure the debtors obligation to pay 5ChattelsaMoveable property personal property as opposed to real property land6Methods to secureaPossessioninot always practical and debtor often requires the propertybTransfer an interest in the goodsicreditor takes an interest in the goods as a secured creditorii7HistoricallyaAs the requirement for credit expanded so did the variety of legal instrumentsbMany received statutory recognition8Forms of Security for Debt9Main FormsaChattel mortgagebConditionalsale agreementcBill of saledUsed in both commercial and consumer transactions10Other FormsaAssignment of Book DebtsbBank Act securitycBonds and Debentures iincludes a floating chargedUsed mainly by commercial lenders11Chattel Mortgage12HistoricallyCreditor took physical possession of goods until payment madeaTransfer of possession but not titlebCreditor keeps goods or disposes of them if the debtor fails to paycProblem debtor deprived of the use of the goods and creditor has to take care of the goodsdChattel mortgage overcame these problems13Chattel MortgageaA mortgage in which the title to the chattel owned by the debtor is transferred to the creditor as security for the payment of a debt14Chattel Mortgage15RegistrationaMethod of providing third parties with notice of Creditors interest in the propertybPublic registration systemigives public notice of the creditors security interest
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