Chapter 2 - Key Terms
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| 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)
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| fixture | item that was once personal property but now is deemed permanently affixed and treated as part of the property (page 26)
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| fructus industriales | annual crop that is a product of human effort like wheat, corn, cotton, etc. - considered personal property (read more page 29)
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| fructus naturales | crops produced on perennial roots like trees or bushes -produce citrus fruits, berries, etc. - considered real property (read more page 29)
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| perfection | example - mechanic's lien - legal steps by which a secured party establishes priority in collateral over claims of third parties (page 31)
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| personal property | property that is not real property, characterized as having substance and being movable (page 23)
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| property | legal rights that a person possesses with respect to a thing - rights that have economic value (page 21)
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| real property | land, building and other improvements permanently affixed to land (page 22)
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| secured transaction | parties agree that personal property or fixtures will secure a loan or the purchase of an item on credit (page 30)
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| 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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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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