BUSN 323 Lecture Notes - Lecture 11: Security Interest, Federal Jurisdiction (United States), Larceny
Document Summary
Collateral under ucc: goods (consumer goods, farm products, inventory, equipment, fixtures and accessories) Indispensable paper (documents of title, negotiable instruments, investment property and chattel paper) Intangibles (accounts (receivable), goodwill, literary rights: proceeds. Attachment of security interest: attachment means the security agreement is enforceable as between the debtor and creditor. It requires: written agreement: agreement that describes collateral and is signed by debtor, value: item of value given from creditor to debtor, debtor rights in collateral: rights of debtor over collateral (it has to be yours) Perfected security interest: a perfected security interest is one where the secured party has taken a series of steps to protect its rights in the collateral against other creditors of the debtor claiming rights in the same collateral. The first creditor to file or perfect has priority over the others: 2 banks conflict. Relationship of attachment and perfection: attachment is a prerequisite to perfection. A security interest must attach before it can be perfected.
