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A person wants property (real or personal) or services but does not have money. Person needs to become a debtor.
2. Obtain promise to repay Unsecured creditor General creditor
3. Obtain surety Co-signer Accommodation party Guarantor
4. Obtain Collateral Real property = mortgage or deed of trust
4. Obtain Collateral Personal Property = Article 9 security interest
1. Is the transaction within scope of Article 9?
2. Classify the collateral.
3. Determine if a security interest has been created, that is, has attachment occurred.
4. Determine if the security interest has been properly perfected.
5. Determine the persons who are making claims to the collateral.
6.Apply proper priority rules and rules regarding repossession.
Hub CarpetRatner DebtorCreditor Benedict Bankruptcy Trustee Issue: Who has priority to the accounts receivable? Loan of money Accounts receivable as collateral
1. The pledge DR gives CR physical possession of the collateral. Pros? Cons?
2. Chattel Mortgage 360 Financial Services Queensland, Australia
3. Conditional Sale Problem 262, p. 761
4. Trust Receipt
5. Factor’s Lien
6. Field Warehousing
Slides developed by Les Wiletzky Wiletzky and Associates Copyright © 2006 by Pearson Prentice-Hall. All rights reserved. PowerPoint Slides to Accompany.
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