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Ebook Fundamentals of business law (8th edition): Part 2

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Nội dung chi tiết: Ebook Fundamentals of business law (8th edition): Part 2

Ebook Fundamentals of business law (8th edition): Part 2

UNIT SIXDebtor-Creditor RelationshipsUNIT CONTENTSES Security Interests in Personal PropertyE] Creditors' Rights and BankruptcyCHAPTER 20Security Inte

Ebook Fundamentals of business law (8th edition): Part 2erests in Personal PropertyIL E A R N IN c OBJECJJVESAFTER READING THIS CHAPTER. YOU SHOULD BE ABLE TO ANSWER THE FOLLOWING QUESTIONS:1What is a secur

ity interest? Who is a secured parts-’ What is a security- agreement? What is a financing statement’2What three requirements must be met to create an Ebook Fundamentals of business law (8th edition): Part 2

enforceable security interest?3What is the most common method of perfecting a security- interest under Article 9?4If two secured parties have perfecte

Ebook Fundamentals of business law (8th edition): Part 2

d security interests ill the collateral of the debtor, which party has priority to the collateral OU the debtors default?5What rights does a secured c

UNIT SIXDebtor-Creditor RelationshipsUNIT CONTENTSES Security Interests in Personal PropertyE] Creditors' Rights and BankruptcyCHAPTER 20Security Inte

Ebook Fundamentals of business law (8th edition): Part 2e debtor lias a legal interest, the transaction becomes known as a secured transaction. The concept of the secured transaction is as basic to modern b

usiness practice as the concept of credit. I xigieally, sellers and lenders do not want to risk nonpayment, so they usually will not sell goods or len Ebook Fundamentals of business law (8th edition): Part 2

d funds unless the payment is somehow guaranteed. Indeed, business as we know it (multi not exist without laws permitting and governing secured transa

Ebook Fundamentals of business law (8th edition): Part 2

ctions.Article 9 of the Uniform Commercial Code (UCC) governs secured transactions as applied to personal properly, /wfures (certain property that is

UNIT SIXDebtor-Creditor RelationshipsUNIT CONTENTSES Security Interests in Personal PropertyE] Creditors' Rights and BankruptcyCHAPTER 20Security Inte

Ebook Fundamentals of business law (8th edition): Part 2d by jx’rsonal property), agricultural liens, and what are called general intangibles (such as patents and copy rights). Article 9 does not cover othe

r creditor devices, such as liens and real estate mortgages, which will lx* discussed in chapter 21.In this chapter, we first look at the terminology Ebook Fundamentals of business law (8th edition): Part 2

of secured transactions. We then discuss how the rights and duties of creditors and debtors are created and enforced under Article 9. Aswill become ev

Ebook Fundamentals of business law (8th edition): Part 2

ident the law of secured transactions tends to favor the rights ot creditors; but. to a lesser extent, it offers debtors some protections, i(xi.THE TE

UNIT SIXDebtor-Creditor RelationshipsUNIT CONTENTSES Security Interests in Personal PropertyE] Creditors' Rights and BankruptcyCHAPTER 20Security Inte

Ebook Fundamentals of business law (8th edition): Part 2brief summarỵ- of the UCC’s definitions of terms relating to secured transactions follows.1A secured party is any creditor who has a security interest

ill the debtor’s collateral. This creditor can be a seller, a lender, a cosigner, or even a buyer of accounts or chattel paper [UCC 9-102(a)(72)].2A Ebook Fundamentals of business law (8th edition): Part 2

debtor is the “person" who owes payment or other performance of a secured obligation ucc 9- 102(a)(28)l.3A security interest is the interest in the co

Ebook Fundamentals of business law (8th edition): Part 2

llateral (such as personal property or fixtures) that secures payment or performance of an obligation ỊUCC 1-201(37)1.398CHAPTEI 20SECURITY INTERESTS

UNIT SIXDebtor-Creditor RelationshipsUNIT CONTENTSES Security Interests in Personal PropertyE] Creditors' Rights and BankruptcyCHAPTER 20Security Inte

Ebook Fundamentals of business law (8th edition): Part 2ect of the security interest [UCC 9-102(a)(12)|.6A financing statement — referred to as the UCC-1 form — is the instrument normally filed to give publ

ic notice to third parlies of the secured parly's security interest [ƯCC 9-102(a)(39)J.together, these definitions form the concept by which a debtor Ebook Fundamentals of business law (8th edition): Part 2

creditor relationship becomes a secured transaction relationship (sec Exhibit 20-1).CREATING A SECURITY INTERESTA creditor has two main concerns it th

Ebook Fundamentals of business law (8th edition): Part 2

e debtor defaults (fails to ]Kiy the debt as promised): (I) ÕIII the debt lx: satisfied through the possession and (usually) sale of the collateral? (

UNIT SIXDebtor-Creditor RelationshipsUNIT CONTENTSES Security Interests in Personal PropertyE] Creditors' Rights and BankruptcyCHAPTER 20Security Inte

Ebook Fundamentals of business law (8th edition): Part 2the creation and perfection of a security interest We begin by examining how a security inter csi is created.To become a secured parts-, the creditor

must obtain a security interest in the collateral of the debtor. Three require incuts must be met for a creditor to have an enforceable security inter Ebook Fundamentals of business law (8th edition): Part 2

est:1Either (a) the collateral must be in the possession of the secured party in accordance with an agreement, or (b) there must be a written or authe

Ebook Fundamentals of business law (8th edition): Part 2

nticated security agreement that describes the collateral subject to the security interest and is signed or authenticated by the debtor.2rhe secured p

UNIT SIXDebtor-Creditor RelationshipsUNIT CONTENTSES Security Interests in Personal PropertyE] Creditors' Rights and BankruptcyCHAPTER 20Security Inte

UNIT SIXDebtor-Creditor RelationshipsUNIT CONTENTSES Security Interests in Personal PropertyE] Creditors' Rights and BankruptcyCHAPTER 20Security Inte

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