secured transactions

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Definition

Within the context of secured transactions under Article 9 of the Uniform Commercial Code, this refers to a right to payment of a monetary obligation. Not included: (1) letters of credit, (2) commercial tort claims, (3) deposit accounts, (4...

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An interest in farm products (such as wheat, corn, or soybeans or livestock) that secures payment or performance of an obligation for goods, services, or rental on real property that an individual or organization leases in connection with farming...

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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...

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In the law of secured transactions, this refers to goods that physically united with other goods in a way that loses the identity of the original goods. Compare with accessions.

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A creditor that has gained an interest in property by means of attachment, levy, or some similar manner.

See lien.

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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.

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