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In order for a UCC Article 9 security interest to be created, there must be __________.
a consensual security agreement
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Sales of which types of collateral are treated like secured transactions?
- Chattel Paper
- Promissory Notes
- Accounts
- Payment Intangibles
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Because a security interest only attaches to the collateral described in the security agreement, a creditor that wants to have a security interest in property acquired by the debtor after the agreement is authenticated, the lender must include an
- AFTER ACQUIRED PROPERTY CLAUSE
- Typical Language: “all of the debtor’s existing and after-acquired [collateral]” or “all ofthe [collateral] now owned or hereafter acquired.”
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When collateral is sold, leased, licensed, exchanged, or otherwise disposed of, a security interest in the collateral automatically attaches to the proceeds __________.
whether the security interest states that it covers proceeds or not
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As soon as a security interest in a PMSI in __________ attaches it is automatically perfected.
Consumer goods
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When the debtor moves to another state, the secured party has a __________ window in which to re-file; when the collateral is transferred to a new debtor in a new state, the secured party has __________ in which to re-file.
four months, one year
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After collateral is sold or otherwise disposed of, the secured party has an automatically perfected security interest in the proceeds for __________ days.
20
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If the proceeds are identifiable cash proceeds and the security interest in the original collateral is perfected, the perfected security interest in the proceeds continues __________.
indefinitely
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When there are two unperfected security interests in the same collateral, the first security interest __________ has priority.
to attach or become effective
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When there are two perfected security interests in the same collateral and neither interest is a purchase money security interest, the first security interest to __________ has priority.
file or perfect
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The “filed but unattached” security interest exception applies with regard to a contest between __________.
a judicial lien creditor and the holder of an unperfected security interest
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As a general rule, the buyer of collateral subject to a perfected security interest takes the collateral __________.
subject to the security interest, unless the security party authorizes the sale free and clear of the security interest
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If there are two competing PMSIs between a lender and a seller, the PMSI taken by the __________ has priority; all other PMSIs are governed by the __________ rule.
seller; first to file or perfect
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If a PMSI has priority over a competing security interest in __________, then the priority will only extend to proceeds that are cash down payments for the goods sold.
inventory
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As a general rule, a security interest in fixtures has priority over an interest in the real property with which the fixtures are associated if the security interest in fixtures is perfected by a fixture filing __________.
within 20 days after the goods become fixtures
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