Ebook Business law and the legal environment (Sixth edition): Part 2
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Ebook Business law and the legal environment (Sixth edition): Part 2
Ebook Business law and the legal environment (Sixth edition): Part 2
CHAPTER 24Saurcd TrứnsMtnni559Article 9: Terms and ScopeWc can sympathize with Sam, but the bank is entitled to its money. The buyer and the bank ente Ebook Business law and the legal environment (Sixth edition): Part 2 ered into a secured transaction, meaning that one party gave credit to another, demanding in return an assurance of repayment. Whether a used-car lot sells a ear on credit for $18,000 or a bank takes collateral for a $600 million corporate loan, the parties have created a secured transaction.Article Ebook Business law and the legal environment (Sixth edition): Part 2 9 of the Uniform Commercial Code (UCC) governs secured transactions in personal property. It is essential to understand the basics of this law becausEbook Business law and the legal environment (Sixth edition): Part 2
e we live and work in a world economy based on credit. Gravity may cause the earth to spin, but it is secured transactions that keep rhe commercial woCHAPTER 24Saurcd TrứnsMtnni559Article 9: Terms and ScopeWc can sympathize with Sam, but the bank is entitled to its money. The buyer and the bank ente Ebook Business law and the legal environment (Sixth edition): Part 2 de employs terms not used elsewhere, so we must lead off with some definitions.Article 9 Vocabulary•Fixtures arc goods that have become attached to real estate. For example, heating ducts aregwZ* when a company manufactures them and also when it sells them co a retailer. But when a contractor instal Ebook Business law and the legal environment (Sixth edition): Part 2 ls the ducts in a new house, they become//.W/rr.•Security interest means an interest in personal property or fixtures that secures the performance ofEbook Business law and the legal environment (Sixth edition): Part 2
some Mgation. If an automobile dealer sells you a new car on credit and retains a security interest in the car. it means she is keeping legal rights ICHAPTER 24Saurcd TrứnsMtnni559Article 9: Terms and ScopeWc can sympathize with Sam, but the bank is entitled to its money. The buyer and the bank ente Ebook Business law and the legal environment (Sixth edition): Part 2 on the new car. Occasionally, the obligation is to perform some other action, but in this chapter, we concentrate on the payment of money because that is what security interests are generally designed to ensure.•Secured party is the person or company that holds the security interest. The automobile Ebook Business law and the legal environment (Sixth edition): Part 2 dealer who sells you a car on credit is rhe secured party.•Collateral is the property subject to a security interest. When a dealer sells you a new caEbook Business law and the legal environment (Sixth edition): Part 2
r and keeps a security interest, the vehicle is the collateral.•Debtor and obligor. For our purposes, debtor refers to a person who has some ori&nal oCHAPTER 24Saurcd TrứnsMtnni559Article 9: Terms and ScopeWc can sympathize with Sam, but the bank is entitled to its money. The buyer and the bank ente Ebook Business law and the legal environment (Sixth edition): Part 2 uses her Mercedes as collateral, she is the debtor because she owns rhe car. Obligor means a person who must repay money, or perform some other task.Throughout this chapter, the obligor and debtor will generally lx* the same person, but not always. When Alice borrows money from a bank and uses her Ebook Business law and the legal environment (Sixth edition): Part 2 Mercedes as collateral, she is the obligor, because she must repay the loan: as we know, Alice is also the debtor. However, suppose that Toby borrowsEbook Business law and the legal environment (Sixth edition): Part 2
money from a bank and provides no collateral; Jake co-signs the loan as a favor to Toby, using his Steinway piano as collateral. Jake is the only debtCHAPTER 24Saurcd TrứnsMtnni559Article 9: Terms and ScopeWc can sympathize with Sam, but the bank is entitled to its money. The buyer and the bank ente Ebook Business law and the legal environment (Sixth edition): Part 2 e debtor gives a security interest to the secured party. 'Illis agreement protects the secured party's rights in the collateral.•Default occurs when the debtor fails to pay money that is due, for example, on a loan or for a purchase made on credit. Default also includes other failures by the debtor, Ebook Business law and the legal environment (Sixth edition): Part 2 such as failing to keep the collateral insured.FixturesGoods that ha.e become attached to real estate.Security interestAn interest n personal propertEbook Business law and the legal environment (Sixth edition): Part 2
y cr fi'ti.rec that secures the performance ci an ctoigncn.Secured partyA person or company that bofcfe a sectriy ntaresr.CollateralProperty that >s aCHAPTER 24Saurcd TrứnsMtnni559Article 9: Terms and ScopeWc can sympathize with Sam, but the bank is entitled to its money. The buyer and the bank ente Ebook Business law and the legal environment (Sixth edition): Part 2 task to satisfy a debtSecurity agreementA contract in which the debtor gr.es 8 searty owresc to the secured partyDefaultThe faicre of a debtor to pay mcoey due on a ban or credt purchase560 u NIT 4 AdJihwl CPA Topi"Repo&sessionCfccure *b«n the secured party takes beck cctteeoral because the dettcc h Ebook Business law and the legal environment (Sixth edition): Part 2 as defeutcd.PerfectionA seres of steps that the secured party mixt cate to poxea cs ojtts in the coletecal aoaoat people other than the detccrCHAPTER 24Saurcd TrứnsMtnni559Article 9: Terms and ScopeWc can sympathize with Sam, but the bank is entitled to its money. The buyer and the bank enteCHAPTER 24Saurcd TrứnsMtnni559Article 9: Terms and ScopeWc can sympathize with Sam, but the bank is entitled to its money. The buyer and the bank enteGọi ngay
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