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Flashcards in Chapter 30 Deck (17)
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1

Attachment

The creditor becomes a secured party with an interest in the collateral

2

Purchase money security interest

Formed when a debtor used borrowed money from the secured party to buy the collateral

3

Legal principle

A purchase-money security interest is created when a debtor uses money borrowed from the secured party to purchase the collateral

4

Default on loan

When you fail to make payments on a loan received

5

Legal principle: perfection

A series of legal steps a secured party takes to protect its right in the collateral from other creditors that wish to have their debts satisfied through the same collateral

6

Legal principle financing statement

A document utilized to perfect a security interest by filing

7

If the debtor is an individual, the secured party files what

A financing statement in which the debtor resides

8

Legal principle: pledge

The transfer of collateral to the secured party for the purpose of perfection

9

Instruments

Writings that serve as evidence of rights to payment of money, such as certificates of deposit, stocks, bonds, etc....

10

Consumer good

A good used or bought for use primarily for personal, family, or household purposes

11

After acquired property

Property squired by the debtor after the security agreement is made

12

Proceeds

Something that is exchanged for collateral

13

Termination statement

Is an amendment to a financing statement that provides that the debtor has no obligation to the secured party

14

Buyer in the ordinary course of business

A person who routinely buys goods i good faith who routinely sells these goods.

15

Chattel paper

A writing that indicates both a monetary obligation and a security interest in specific goods, or an instrument, a writing that demonstrates a right to payment of money

16

Defaulted

Security agreement provides the specific definition of what is considered default

17

Secured transaction legal principle

A transaction in which the payment of debt is guaranteed by personal property owned by the debtor