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B Law 2 Unit 1 Ch 20

Secured Transactions

TermDefinition
secured transaction Any transaction in which the payment of a debt is guaranteed, or secured, by personal property owned by the debtor or in which the debtor has a legal interest.
secured party A creditor who has a security interest in the debtor’s collateral, including a seller, lender, cosigner, or buyer of accounts or chattel paper.
debtor Under Article 9 of the UCC, any party who owes payment or performance of a secured obligation.
security interest Any interest in personal property or fixtures that secures payment or performance of an obligation.
security agreement An agreement that creates or provides for a security interest between the debtor and a secured party.
collateral Under Article 9 of the UCC, the property subject to a security interest.
financing statement A document filed by a secured creditor with the appropriate official to give notice to the public of the creditor’s security interest in collateral belonging to the debtor named in the statement.
default Failure to pay a debt when it is due.
attachment In a secured transaction, the process by which a secured creditor’s interest “attaches” to the collateral and the creditor’s security interest becomes enforceable.
perfection The legal process by which secured parties protect themselves against the claims of third parties who may wish to have their debts satisfied out of the same collateral.
pledge A security device in which personal property is transferred into the possession of the creditor as security for the payment of a debt and retained by the creditor until the debt is paid.
purchase-money security interest (PMSI) A security interest that arises when a seller or lender extends credit for part or all of the purchase price of goods purchased by a buyer.
continuation statement A statement that, if filed within six months prior to the expiration date of the original financing statement, continues the perfection of the security interest for another five years.
proceeds Under Article 9 of the UCC, whatever is received when collateral is sold or disposed of in some other way.
after-acquired property Property that is acquired by the debtor after the execution of a security agreement.
cross-collateralization The use of an asset that is not the subject of a loan to collateralize the loan.
floating lien A security interest in proceeds, after-acquired property, or collateral subject to future advances by the secured party (or all three). The security interest is retained even when the collateral changes in character, classification, or location.
execution The implementation of a court’s decree or judgment.
levy The legal process of obtaining funds through the seizure and sale of nonexempt property, usually done after a writ of execution has been issued.
junior lienholder A party that holds a lien that is subordinate to one or more other liens on the same property.
deficiency judgment A judgment against a debtor for the amount of a debt remaining unpaid after the collateral has been repossessed and sold.
Created by: leighg2011