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Chapter 29 - Security interests in personal property. After studying this chapter you will be able to: Describe types of collateral for a security interest under UCC Article 9, explain how to create and perfect a security interest in debtor’s property, recall priority rules for security interests, list steps creditor can take if debtor defaults. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 6 Introduction to Credit and Secured Transactions Security Interests in Personal Property Bankruptcy Credit P A R T Security Interests in Personal Property P A E T R H C 29 One must have some sort of occupation now-a-days. If I hadn’t my debts I shouldn’t have anything to think about. Oscar Wilde, A Woman of No Importance, Act I (1893) Learning Objectives Describe types of collateral for a security interest under UCC Article 9 Explain how to create and perfect a security interest in debtor’s property Recall priority rules for security interests List steps creditor can take if debtor defaults Article 9 applies to common transactions: Financing a car, buying equipment with a payment plan, or financing business inventory Strict compliance with procedure is required or creditor will lose the preferred claim to debtor’s personal property A creditor who loses a secured interest is merely a . | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin 6 Introduction to Credit and Secured Transactions Security Interests in Personal Property Bankruptcy Credit P A R T Security Interests in Personal Property P A E T R H C 29 One must have some sort of occupation now-a-days. If I hadn’t my debts I shouldn’t have anything to think about. Oscar Wilde, A Woman of No Importance, Act I (1893) Learning Objectives Describe types of collateral for a security interest under UCC Article 9 Explain how to create and perfect a security interest in debtor’s property Recall priority rules for security interests List steps creditor can take if debtor defaults Article 9 applies to common transactions: Financing a car, buying equipment with a payment plan, or financing business inventory Strict compliance with procedure is required or creditor will lose the preferred claim to debtor’s personal property A creditor who loses a secured interest is merely a general creditor Article 9 Requirements Typically, for loans, tangible goods are the collateral (property securing the promise to repay), but Art. 9 classifies collateral as: Instruments, such as checks, notes, drafts, and certificates of deposit [9–102(a)(47)] Documents of title, such as bills of lading, dock warrants, dock receipts, and warehouse receipts [9–102(a)(30)] Collateral Under Article 9 Accounts, such as rights to payment of a monetary obligation for goods or services not evidenced by instruments Chattel paper, such as documents that reflect an obligation to pay money and a security in specific goods [9–102(a)(11)] General intangibles, a catchall, including intellectual property [9–102(a)(42)] Collateral Under Article 9 Goods, such as consumer goods, equipment, farm products, inventory, and fixtures [9–102(a)(44)] Investment property, such as stocks, bonds, and commodity contracts [9–102(a)(49)] Deposit accounts, such as demand, time, savings, passbook, and similar .
