What is a security interest?

A security interest is an interest in personal property or fixtures that secures payment or performance of an obligation.

What are the requirements for attachment?

Attachment generally requires value given, the debtor's rights in the collateral, and an authenticated security agreement with a reasonable description of the collateral unless the secured party has possession or control under agreement.

Perfection is the step that makes a security interest effective against most third parties, typically by filing, possession, control, or automatic perfection in limited cases.

What is the basic priority rule?

Between conflicting perfected security interests in the same collateral, priority generally goes to the first party to file or perfect.

A purchase-money security interest arises when credit or value enables the debtor to acquire the collateral and that value is actually used to acquire it.

When does a buyer in ordinary course take free?

A buyer in ordinary course of business generally takes free of a security interest created by the buyer's seller, even if perfected, unless the buyer knows the sale violates the secured party's rights.

Can a secured party repossess without judicial process?

Yes, after default, a secured party may repossess without judicial process if it can do so without breach of the peace.

What is the debtor's right of redemption?

Before collateral is disposed of or accepted in satisfaction, the debtor may redeem by tendering the full obligation plus reasonable expenses and attorney's fees if provided.

Proceeds are whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral, plus certain related rights and claims.

What law generally governs perfection and priority?

Perfection and priority are generally governed by Article 9 and, for filing location, by the law of the debtor's location for most collateral, subject to important exceptions.

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Secured Transactions | MEE Subject | Critical Pass Flashcards

Critical Pass

Secured Transactions | MEE Subject | Critical Pass Flashcards

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Study 100 Secured Transactions MEE flashcards covering Article 9 scope, attachment, collateral classification, perfection, priority, buyers, default, repossession, disposition, proceeds, fixtures, and PMSI rules.

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Secured Transactions | MEE Subject | Critical Pass Flashcards

100 high-yield Secured Transactions flashcards designed for MEE review. Study Article 9 scope, attachment, collateral, perfection, priority, buyers, default, disposition, proceeds, fixtures, and PMSI rules in one clean study section.

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Secured Transactions | MEE Subject | Critical Pass Flashcards

Secured Transactions | MEE Subject | Critical Pass Flashcards

All 100 Secured Transactions Cards — Quick Reference

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