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CHAPTER 38: SECURED TRANSACTIONS

CHAPTER 38: SECURED TRANSACTIONS. CHAPTER 38: SECURED TRANSACTIONS. Learning Objectives: Scope of Article 9 Creation and Perfection of a Security Interest Floating Liens Rights of Secured Parties vs. Buyers of Collateral and Other Secured Parties Rights and Duties Upon Debtor Default.

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CHAPTER 38: SECURED TRANSACTIONS

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  1. CHAPTER 38: SECURED TRANSACTIONS

  2. CHAPTER 38: SECURED TRANSACTIONS Learning Objectives: Scope of Article 9 Creation and Perfection of a Security Interest Floating Liens Rights of Secured Parties vs. Buyers of Collateral and Other Secured Parties Rights and Duties Upon Debtor Default Chapter 38

  3. INTRODUCTION TO SECURED TRANSACTIONS • Nature of a Secured Transaction: debtor grants a security interest in personal property to a creditor, which the creditor can use to obtain satisfaction if debtor defaults. • Nature of Unsecured Creditors • Nature of Secured Debt Chapter 38

  4. SCOPE OF ARTICLE 9 • Coverage of Article 9 • Exclusions from Article 9 • Classifications of Collateral: • Tangible Goods • Documentary Collateral • Intangible Property Chapter 38

  5. SCOPE OF ARTICLE 9 • Tangible Goods: • Consumer goods • Equipment • Farm products • Inventory • Documentary Collateral: • Chattel paper • Documents of title • Instruments Chapter 38

  6. SCOPE OF ARTICLE 9 • Intangible Collateral • Accounts • General intangibles Chapter 38

  7. CREATION OF A SECURITY INTEREST • Introduction • Security Agreement • Debtor’s Rights in the Collateral • Creditor Gives Value Chapter 38

  8. PERFECTION OF A SECURITY INTEREST • Essence of a Security Interest • Methods of Perfection: • Filing of a Financing Statement • Possession • Attachment • PMSI in Consumer Goods • Temporary Perfection Chapter 38

  9. FLOATING LIENS • Definition: security agreement describes the collateral as including property to be acquired by the debtor in the future. • After-acquired property • Future advances • Proceeds Chapter 38

  10. PRIORITY ISSUES • Generally • Secured Party vs. Buyers of Collateral • Buyers in the Ordinary Course of Business • Buyers of Consumer Goods Chapter 38

  11. PRIORITY ISSUES • Secured Party vs. Secured Party • General Rule: First-in-Time • PMSI in Inventory Collateral • PMSI in Non-inventory Collateral • Secured Party vs. Lien Creditors Chapter 38

  12. DEBTOR’S DEFAULTRIGHTS AND DUTIES • Introduction • Rights and Duties of Secured Party in Possession • Foreclosure Sale • Rights of Parties at Foreclosure • Strict Foreclosure • Debtor’s General Remedies Chapter 38

  13. CHAPTER 38: SECURED TRANSACTIONS

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