An account, within the context of secured transactions, is defined under Article 9 of the Uniform Commercial Code, as a right to payment of a monetary obligation. Not included: (1) letters of credit, (2) commercial tort claims, (3) deposit...
secured transactions
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As established in UCC §9 102-5, an agricultural lien is a lien placed on farm products like farm equipment or livestock that secures payment or performance in exchange for a loan of land, goods, or money. These loans allow farmers to produce...
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In the law of secured transactions, BIOCOB refers to a “buyer in the ordinary course of business.” There are certain elements that a buyer must meet to qualify as a BIOCOB. The buyer must purchase particular goods in good faith, without...
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A blanket security lien is a type of security interest over the assets of an entire entity rather than an individual asset. While blanket liens can technically be placed on the assets of an individual person, they are more commonly seen on...
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Commingled goods refer to goods so physically united with other goods such that the identity of the original goods is lost.
For example, flour becomes a commingled good when it is used to bake bread.The new good...
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A lien creditor is a creditor with a security interest in the debtor’s property to support the creditor’s claim.
The Uniform Commercial Code §9-102(52) defines a lien creditor as:
A creditor that has acquired a lien... (Wex page)
Process through which a secured party gives notice to the world its security interest. Accomplished through filing or taking possession or control of collateral.
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Does not include 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....
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Goods or software used for the purpose of securing a purchase-money obligation that a debtor incurs to buy goods.
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Also known as a PMSI. When a security interest applies to goods that are purchase-money collateral.