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Secured Transactions (Perfection of S.I. (F.S.: (1) debtor's name; (2)…
Secured Transactions
Perfection of S.I.
Why it's important: attachment of interest & compliance w/ method of perfection; creates superior rights in collateral for S.P. over 3rd parties' rights in collateral
Methods: filing, possession, control, automatic
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Attachment of S.I.
Attachment Requirements: (1) S.P. gives value; (2) debtor has rights in the collateral; & (3) security agreement
Security Agreement must: (1) be in a record; (2) contain a description of the collateral (not super-generic); & (3) be authenticated by debtor
PMSI
PMSI in goods: S.P. gave value to the debtor and the debtor used the value to incur an obligation that enabled the debtor to acquire goods; or
S.P. sold goods to the debtor, and the debtor incurred an obligation to pay the S.P. the purchase price
PMSI in software: the debtor acquired an interest in software in an integrated transaction in which the debtor acquires an interest in the goods (e.g., a computer)
General
Security Interest: An interest in personal property
or fixtures that secures payment or performance
of an obligation
Collateral
Tangible
Goods
Consumer Goods, Farm Products, Inventory, Equipment
Software: If embedded in goods. If not, general intangible
Intangible
Chattel paper, Document, Instruments, Investment property, Accounts, Commercial torn claims
Priorities
S.P. v. Non-S.P. Rules
Buyer; BIOCB; Consumer buyer; Purchaser of chattel paper; buyer of negotiable instrument or document; Buyer not in the ordinary course of business; Transferee of money or funds; Article 2 security interest; "Clean" certificate title
S.P. v. S.P.
General Rules
Perfected S.I. v. Perfected S.I.; Perfected S.I. v. unperfected S.I.; Unperfected S.I. v. Unperfected S.I.
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