TAILIEUCHUNG - Ebook Fundamentals of business law (8th edition): Part 2
(BQ) Part 2 book "Fundamentals of business law" has contents: Security interests in personal property, agency relationships, employment and immigration law, sole proprietorships, partnerships, and limited liability companies, personal property and bailments, real property and landlord tenant law,.and other contents. | U N IT CO NTE NTS 20 Security Interests in Personal Property 21 Creditors’ Rights and Bankruptcy LEARNING OBJECTIVES AFTER READING THIS CHAPTER, YOU SHOULD BE ABLE TO ANSWER THE FOLLOWING QUESTIONS: 1 What is a security interest? Who is a secured party? What is a security agreement? What is a financing statement? 2 What three requirements must be met to create an enforceable security interest? 3 What is the most common method of perfecting a security interest under Article 9? 4 If two secured parties have perfected security interests in the collateral of the debtor, which party has priority to the collateral on the debtor’s default? 5 What rights does a secured creditor have on the debtor’s default? W henever the payment of a debt is guaranteed, or secured, by personal property owned by the debtor or in which the debtor has a legal interest, the transaction becomes known as a secured transaction. The concept of the secured transaction is as basic to modern business practice as the concept of credit. Logically, sellers and lenders do not want to risk nonpayment, so they usually will not sell goods or lend funds unless the payment is somehow guaranteed. Indeed, business as we know it could not exist without laws permitting and governing secured transactions. Article 9 of the Uniform Commercial Code (UCC) governs secured transactions as applied to personal property, fixtures (certain property that is attached to land—see Chapter 29), accounts, instruments, commercial assignments of $1,000 or more, chattel paper (any writing evidencing a debt secured by personal property), agricultural liens, and what are called general intangibles (such as patents and copyrights). Article 9 does not cover other creditor devices, such as liens and real estate mortgages, which will be discussed in Chapter 21. In this chapter, we first look at the terminology of secured transactions. We then discuss how the rights and duties of creditors and debtors are created and enforced under .
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