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Chapter 29 provides knowledge of 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. | Credit Introduction to Credit and Secured Transactions Security Interests in Personal Property Bankruptcy 6 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. 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 Security interests under Article 9 of the Uniform Commercial Code Attachment of the security interest Perfecting the security interest Creditors and priority rules Default and foreclosure 29 - Uniform Commercial Code Article 9 covers security interests in personal property and applies to common transactions A security interest in personal property or fixtures obtained by a creditor secures payment of a debt or performance of a duty [1–201(37)] Strict compliance with procedure is required or creditor loses preferred claim Overview 29 - . | Credit Introduction to Credit and Secured Transactions Security Interests in Personal Property Bankruptcy 6 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. 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 Security interests under Article 9 of the Uniform Commercial Code Attachment of the security interest Perfecting the security interest Creditors and priority rules Default and foreclosure 29 - Uniform Commercial Code Article 9 covers security interests in personal property and applies to common transactions A security interest in personal property or fixtures obtained by a creditor secures payment of a debt or performance of a duty [1–201(37)] Strict compliance with procedure is required or creditor loses preferred claim Overview 29 - Common transactions covered: financing an car, buying equipment with a payment plan, or financing business inventory A creditor who loses a secured interest is merely a general creditor A security interest is not legally enforceable against debtor until attached to particular item(s) of debtor’s property (collateral) Attachment requires [9–203]: Agreement in which debtor grants creditor a security interest in collateral Debtor must have rights in the collateral Creditor must give value to the debtor Attaching the Security Interest 29 - Collateral -- the property securing the promise to repay – may include [9-102(a)]: Collateral Under Article 9 29 - Negotiable instruments Documents of title Accounts Chattel paper General intangibles Goods Investment property Deposit accounts Negotiable 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 .
