secured transactions


In the law of secured transactions, refers to a buyer in the ordinary course of business.  In order to qualify as this the buyer must purchase particular goods in good faith, without knowledge that the sale violates another individual's rights in the goods, and the buyer must buy the goods in the ordinary course of business from someone who sells that particular type of goods.


Possessory lien

Does not included security interests or agricultural liens.  An interest that secures payment or performance of an obligation either for services or materials that have been provided with regards to goods by someone in the ordinary course of business. Created by statute or other law. 
Value of this lien depends upon the individual's possession of the goods in question. 


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