Business Law

Card Set Information

Business Law
2011-02-22 13:24:36
Chapter Twenty Nine

Secured Transactions
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  1. Property of the debtor that is acquired after the execution of a security agreement.
    After-Acquired Property
  2. (1) In the context of secured transactions, the process by which a security interest in the property of another becomes enforceable. (2) In the context of judicial liens, a court-ordered seizure and taking into custody of property prior to the securing of a judgment for a past-due debt.
  3. To sign a record, or with the intent to sign a record, to execute or to adopt an electronic sound, symbol, or the like to link with the record. A record is retrievable information inscribed on a tangible medium or stored in an electronic or other medium.
  4. Under Article 9 of the Uniform Commercial Code, the property subject to a security interest.
  5. A statement that, if filed within six months prior to the expiration date of the original financing statement, continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued in the same manner indefinitely.
    Continuation Statement
  6. The use of an asset that is not the subject of aloan to collateralize that loan
  7. Under Article 9 of the Uniform Commercial Code, a debtor is any party who owes payment or performance of a secured obligation, whether or not the party actually owns or has rights in the collateral.
  8. A judgment against a debtor for the amount of a debt remaining unpaid after collateral has been repossessed and sold.
    Deficiency Judgement
  9. An action to carry into effect the directions in a court decree or judgement
  10. A document prepared by a secured creditor and filed with the appropriate government official to give notice to the public that the creditor claims an interest in collateral belonging to the debtor named in the statement. The financing statement must contain the names and addresses of both the debtor and the creditor, and describe the collateral by type or item.
    Financing Statement
  11. A security interest in proceeds, after-acquired property, or property purchased under a line of credit (or all three); a security interest in collateral that is retained even when the collateral changes in character, classification, or location.
    Floating Lien
  12. A person or business who holds a lien that is subordinate to one or more other liens on the same property.
    Junior Lienholder
  13. The obtaining of money by legal process through the seizure and sale of property, usually done after a writ of execution has been issued.
  14. The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral; usually accomplished by the filing of a financing statement with the appropriate government official.
  15. A common law security device (retained in Article 9 of the Uniform Commercial Code) in which personal property is turned over to the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
  16. Under Article 9 of the Uniform Commercial Code, whatever is received when the collateral is sold or otherwise disposed of, such as by exchange.
  17. A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.
    Purchase-Money Security Interest (PMSI)
  18. A lender, seller, or any other person in whose favor there is a security interest, including a person to whom accounts or chattel paper has been sold.
    Secured Party
  19. Any transaction in which 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.
    Secured Transaction
  20. An agreement that creates or provides for a security interest between the debtor and a secured party.
    Security Agreement
  21. Any interest in personal property or fixtures which secures payment or performance of an obligation [UCC 1201(37)]
    Security Interest