Learn about basic terminology that is important to the entire UCC, including Article 9.
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,...