Types of Collateral Flashcards Preview

Secured Transactions > Types of Collateral > Flashcards

Flashcards in Types of Collateral Deck (12)
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1
Q

consumer goods

A

use or bought for use primarily for personal, family, household purposes

2
Q

equipment

A

used or bought for use in business; default or catch-all category

3
Q

farm products

A

crops or livestock or supplies used or produced in farming operations or products of crops or livestock in their manufactured states

4
Q

inventory

A

held by a person who holds them for sale or lease or to be furnished under service contracts; materials used or consumed in a business in a short period of time

5
Q

instruments

A

negotiable instruments and any other writing which evidences a right to the payment of a monetary obligation, and which are in the ordinary course of business transferred by delivery with any necessary indorsement or assignment

6
Q

documents

A

a document which in the regular course of business is treated as evidencing that the person in possession of it is entitled to receive, hold, and dispose of the document and the goods it covers

7
Q

chattel paper

A

a record or records which evidence both a monetary obligation and a security interest in a lease of specific goods

8
Q

investment property

A

includes items such as stocks, bonds, mutual funds, and brokerage accounts containing such items

9
Q

accounts

A

a right to payment

10
Q

deposit accounts

A

an account maintained with a bank

11
Q

commercial tort claims

A

a claim arising in tort with respect to which (1) the claimant is an organization, or (2) the claimant is an individual and the claim arose in the claimant’s business or profession and does not include damages for personal injury or the death of an individual`

12
Q

general intagngibles

A

any personal property not coming within the scope of other definitions; default/catch-all category for semi-intangible and intangible property