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,...