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General Terminology

General Terminology

This course surveys the law of secured transactions under Article 9 of the Uniform Commercial Code, in which a typically consensual security interest in personal property arises in a creditor's favor to secure payment or performance of an obligation.


Welcome to our course on secured transactions. In this lesson, we’ll explore general terminology important to the law of secured transactions. Article 1 of the Uniform Commercial Code, or UCC, defines the basic terminology that is important to every article within the UCC, including Article 9. We’ll define the following key terms: security interest, debtor, obligor, creditor, insolvent, money, and bank.  

I.   Security Interest

Article 1 defines “security interest” as quote,...