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Chapter 2
Chapter 2 - Key Terms
| Question | Answer |
|---|---|
| attachment | 1. The process by which a secured party acquires a security interest in collateral 2. The act of seizing a defendant's property by legal process to be held by a court to ensure satisfaction of a judgment that might be awkward (page31) |
| fixture | item that was once personal property but now is deemed permanently affixed and treated as part of the property (page 26) |
| fructus industriales | annual crop that is a product of human effort like wheat, corn, cotton, etc. - considered personal property (read more page 29) |
| fructus naturales | crops produced on perennial roots like trees or bushes -produce citrus fruits, berries, etc. - considered real property (read more page 29) |
| perfection | example - mechanic's lien - legal steps by which a secured party establishes priority in collateral over claims of third parties (page 31) |
| personal property | property that is not real property, characterized as having substance and being movable (page 23) |
| property | legal rights that a person possesses with respect to a thing - rights that have economic value (page 21) |
| real property | land, building and other improvements permanently affixed to land (page 22) |
| secured transaction | parties agree that personal property or fixtures will secure a loan or the purchase of an item on credit (page 30) |
| trade fixture | items added to land or buildings by a tenant to be used in the tenant's trade or business (page 29) |
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