The Basics
An agreement that creates or provides for a security interest
What is a security agreement?
Goods, other than standing timber, with resepct to which the debtor is engaged in a farming operaiton and which are [crops, livestock, supplies used or produced in a farming operation, or products of crops or livestock in their unmanufactured states].
What are farm products?
A negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in ordinary course of business is transferred by delivery with any necessary indorsement or assignment.
What is an instrument?
Whatever is acquired upon the lease, liencse, exchange, or other disposition of the collateral.
What are proceeds?
The property subject to the security interest or agricultural lien.
What is collateral?
What are inventory?
A right to paymetn of a monetary oblgation secured by specific goods or owed by a lessee under a lease agreement with respect to specific goods,, if the right to payment and security agreement or lease are evidence by a record.
What is chattel paper?
Property acquired by the debtor after the securtiy interest has attached, i.e. enforceable against the debtor.
What is after-acquired property?
An interest in personal property or fixtures that secures payment or performance of an obligation.
What is a security interest?
Goods used or bought for use primarily for personal, family, or household purposes.
What are consumer goods?
Right to payment of a monetary . . that does not include (i) chattel paper, (ii) commercial tort claims, (iii) deposit accounts, (iv) investigment property, (v) letter of credit rights or letters of credit, (vi) rights to payment of rmoney or funds advanced or sold . . ., or (vi) rights to payment evidenced by an instrument.
What is an account?
What is a future advance?
The process by which the security interest becomes enforceable against the debtor.
What is attachment?
Goods that have become so related to particular real property that an interest in them arises under real property law.
What are fixtures?
An instrument that evidences a promise to pay a monetary obligation . . .
What is a promissory note?
Goods that are physically united with other goods in such a manner that their identiy is lost in a product or mass.
What is a commingled good?
When the secured party gives value, the debtor has rights in the collateral, and there is a security agreement that satsifies one of four conditions in 9-203(b).
What are the three requirements for valid attachment?
Goods other than inventory, farm prodcuts, or consumer goods.
What is equipment?
A general intangible under which the account debtor's principal obligation is a monetary obligation.
What is a payment intangible?
Goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.
What is an accession?