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115 cards
1What is a security agreement?
2What is collateral?
3What is a debtor?
4What is an obligor?
5In secured-transactions law, what is the difference between an obligor and a debtor?
6Under the UCC, in what circumstances is a debtor insolvent?
7What is a creditor?
8What is a lien creditor?
9Under Article 9 of the UCC, what does it mean to authenticate something?
10In secured-transactions law, what is attachment?
11In secured-transactions law, what is perfection?
12What is a financing statement?
13In secured-transactions law, what is priority?
14How does the UCC define the proceeds of collateral?
15A bank loaned a debtor $100,000 and took a security interest in the debtor’s very valuable stock in a prominent software company. Subsequently, the...
16How does Article 9 of the UCC define the term cash proceeds?
17Under Article 9 of the UCC, what are fixtures?
18What is an agricultural lien?
19What is an instrument?
20A bank and a debtor agreed that the bank would extend the debtor a loan of $100,000, in exchange for a promissory note and sufficient collateral to...
21What is chattel paper?
22What is the difference between chattel paper and an instrument?
23What is a general intangible?
24A debtor planned to open a new restaurant but needed cash. The debtor went to a bank to inquire about a loan. The bank agreed to lend money to the ...
25A tech startup company created a new software application that connected various social-media platforms into one easy-to-use interface. A bank had ...
26What is a payment intangible?
27What is an account?
28Does Article 9 govern the sale of accounts, chattel paper, payment intangibles, and promissory notes?
29In general, what is a consignment under Article 9 of the UCC?
30What requirements must a transaction meet to be classified as a consignment under Article 9 of the UCC?
31A debtor operated a jewelry store with high-end inventory. The debtor owned some of his inventory, but not everything he sold on his floor. Part of...
32Does UCC’s Article 9 govern security interests created in connection with the sale of goods under Article 2?
33Does UCC’s Article 9 govern security interests created in connection with the lease of goods under Article 2A?
34Under what circumstances does a transaction in the form of a lease of goods create a security interest governed by UCC’s Article 9?
35What is a deposit account?
36In secured-transactions law, does the definition of account include deposit accounts?
37Does Article 9 govern security interests arising under Article 4 in connection with bank deposits and collections?
38What is a letter of credit?
39How does the UCC define money?
40How does the UCC define investment property?
41The grant clause in a debtor’s security agreement with a bank stated, in part: “[The debtor] hereby grants [the bank] a security interest in all of...
42What transactions are included within the scope of UCC Article 9?
43What is a secured party?
44What is the general rule regarding choice-of-law under the UCC?
45A debtor authenticated a valid security agreement granting a finance company a security interest in the debtor’s equipment. The security agreement ...
46What is the general choice-of-law rule applicable to transactions governed by Article 9 of the UCC?
47What is the general choice-of-law rule applicable to transactions governed by Article 9 of the UCC where the debtor and the collateral consisting o...
48If collateral consists of goods, instruments, money, or tangible chattel paper, which jurisdiction’s law governs the effect of perfection or nonper...
49A bank had a perfected security interest in a debtor’s assets (the collateral). The collateral consisted entirely of goods. The debtor was located ...
50A debtor was located in State A. In State B, litigation arose concerning the priority of a security interest in the debtor’s equipment, which was a...
51A debtor was located in State A. A bank enjoyed an attached security interest in all the debtor’s equipment, whether then owned or later acquired. ...
52What state does Article 9 of the UCC deem to be the location of an individual debtor?
53How does Article 9 of the UCC define the term registered organization?
54What state does Article 9 of the UCC deem to be the location of a debtor that is an organization registered with the state?
55What state does Article 9 of the UCC deem to be the location of a debtor that is an unregistered organization?
56If a security interest is perfected through possession of the collateral, which state’s law governs perfection?
57What state law governs perfection, the effect of perfection, and priority for a fixture filing (i.e., a filing used to perfect an interest in a fix...
58Which state’s law governs perfection of a security interest in timber to be cut?
59What types of collateral are not subject to Article 9’s general rule that the law of the jurisdiction where the debtor is located controls perfecti...
60What state law governs perfection, the effect of perfection, and priority for agricultural liens?
61If a security interest is perfected by compliance with a certificate-of-title system, which state’s law governs perfection?
62A debtor was in the business of selling cars. A bank had a security interest in all the debtor’s inventory of cars, whether owned when the security...
63If collateral consists of a deposit account, which state’s law governs perfection of the security interest, the effect of perfection, and priority ...
64If collateral consists of investment property, which state’s law governs perfection of the interest, the effect of perfection, and priority of the ...
65What law governs the perfection, the effect of perfection, and priority of a security interest in a letter-of-credit right?
66Does Article 9 govern statutory liens that are not attached to agricultural goods?
67Does Article 9 of the UCC govern the process to obtain a non-consensual lien on a debtor’s personal property?
68A debtor was having a hard time meeting its financial obligations. One month, loathe to miss a payment to an important vendor, the debtor decided t...
69Does Article 9 of the UCC apply to a judgment creditor’s non-consensual lien against a debtor’s real property that is not a security interest in fi...
70Does Article 9 apply to a sale of receivables that is part of a sale of an entire business in which they arose?
71Does Article 9 apply to the assignment of a single account, payment intangible, or promissory note in full or partial satisfaction of a preexisting...
72Under what circumstances does Article 9 apply to transfers of interests in or assignments of claims under insurance policies?
73Under what circumstances does Article 9 apply to an assignment of a tort claim?
74What is a purchase-money security interest?
75Which types of collateral are eligible for classification as purchase-money collateral?
76A debtor approached a seller to purchase new equipment for the debtor’s business. The seller agreed to sell the equipment on credit, but only if th...
77A debtor wanted to expand its restaurant and needed, among other things, new kitchen equipment. Lacking the cash for the expansion, the debtor appr...
78A recent law-school graduate needed to purchase a car to commute to and from her new job. She had $3,000 cash, but she needed more to buy a reliabl...
79What types of security interests may a secured party perfect by control?
80In what three ways may a secured party establish control of a deposit account?
81To secure a 10-year loan, a debtor granted a bank a security interest in the debtor’s equipment, inventory, accounts, and deposit accounts. To perf...
82If a secured party takes control of a deposit account, may the debtor maintain the right to direct the disposition of the funds in the deposit acco...
83How does a secured party establish control of electronic chattel paper?
84How does a secured party establish control of investment property?
85How may a secured party establish control of a letter-of-credit right?
86How does the UCC define goods?
87What are consumer goods?
88What are farm products?
89What is inventory?
90A debtor was a pizza restaurant that used a certain kind of flour to make the pizza it sold. The debtor also sold that flour directly to its patron...
91What is equipment?
92A debtor used a computer for administrative work in connection with its restaurant business. How would Article 9 of the UCC classify the computer?
93A florist was in the business of selling floral arrangements. The florist approached a bank for a loan. The bank would only extend a loan if the fl...
94What are the four categories of goods under the UCC?
95A debtor wanted to purchase a car for her personal use. She lacked enough cash to purchase a car outright. A dealership sold her a car on credit an...
96How do courts generally assess whether a particular good is a fixture?
97A hotelier was known for creating unusually beautiful landscapes and gardens for its guests. After getting a secured loan from a bank, the hotelier...
98What is a fixture filing?
99In general, what are the six ways to adequately describe collateral in a security agreement?
100A small-business debtor executed a security agreement that granted a bank “a security interest in all of [the debtor’s] equipment, now owned and he...
101To secure a $100,000 loan from a bank, a debtor executed a promissory note in the bank’s favor. The debtor then signed a separate document stating:...
102A debtor executed a security agreement with the following granting clause: “[The debtor] hereby grants [the bank] a security interest in all its as...
103May a financing statement describe collateral in supergeneric language?
104Under what circumstances is a description by type of collateral insufficient under the UCC?
105A debtor was a public company with a significant stock portfolio. When the debtor sought a new round of financing, the lending bank required that t...
106A debtor was a consumer. She decided to borrow money from a bank to pay off high-interest debt. The bank wanted collateral to secure the loan, but ...
107What must a security agreement identify to adequately describe commercial tort claims?
108Are any security interests arising under Article 2 or 2A of the UCC subject to Article 9 of the UCC?
109In general, if a party receives a security interest in goods arising under Article 2 or 2A of the UCC, must it follow the normal steps of attachmen...
110A seller owned equipment subject to a perfected security interest in favor of a bank. A buyer purchased and, later, accepted delivery of the equipm...
111A lessor owned equipment subject to a perfected security interest in favor of a bank. A lessee leased this equipment and was in possession of it. S...
112Does Article 9 of the UCC provide automatic perfection, or other special protection, regarding a security interest in favor of a consignor?
113May a consignor of goods obtain a purchase-money security interest (PMSI) in inventory that it consigns to another to sell on its behalf?
114A consignor and a debtor agreed that the debtor would sell the consignor’s inventory on the consignor’s behalf. The parties signed an enforceable s...
115A consignor and a debtor agreed that the debtor would sell the consignor’s inventory on the consignor’s behalf. The parties signed an enforceable s...
All flashcards
115 cards