SCMA 323 Lecture Notes - Lecture 19: Uniform Commercial Code, Secured Transaction, Security Interest
30 Mar 2017
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Introduction: lenders aren"t reluctant to lend large sums of money. Take as security interest in either the item purchased or some other personal property of the debtor: collateral. Property in which a security interest is taken. Secured transactions in personal property: personal property. Revised article 9 secured transactions: article 9 (secured transaction) of the uniform commercial code (ucc) Governs secured transactions where personal property is used as collateral for a loan or the extension of credit: revised article 9 (secured transactions) Article of the uniform commercial code that governs secured transactions in personal property: debtor. Person who has an ownership or other interest in the collateral and owes payment of secured obligations: secured party. Person in whose favor a security interest is created or provided under a security agreement: security interest. Interest in the collateral , such as personal property or fixtures, which secures payment or performance of an obligation. Agreement that creates or provides for a security interest: collateral.
