BU451 Lecture Notes - Chattel Mortgage, Floating Charge, Secured Creditor

61 views4 pages
16 Oct 2011
School
Department
Course

Document Summary

Consensual security interests give creditors collateral security (a right to take specified assets in satisfaction of the debt) Some security interests just arise from normal transactions, these are non-consensual security interests. Security establishes creditor"s priority relative to other creditors. Security is most often used just as an incentive to pay the money owing. Unsecured creditors may ultimately acquire security interest through court action to collect overdue debt (seizing assets) Secured creditor doesn"t need judgement, can proceed on their own to enforce rights over the security (like a self-help remedy) moreover, unsecured creditors generally can"t touch assets already subject to a security of another creditor (they have priority) Key: whether or not you are secured or unsecured. Mortgages (real property vs. this chapter which is personal property), leases (a security device on its own, while personal property is acquired on credit), consignments (indirect type of secured credit), other credit devices.

Get access

Grade+20% off
$8 USD/m$10 USD/m
Billed $96 USD annually
Grade+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
40 Verified Answers
Class+
$8 USD/m
Billed $96 USD annually
Class+
Homework Help
Study Guides
Textbook Solutions
Class Notes
Textbook Notes
Booster Class
30 Verified Answers

Related Documents