Across
- 5. _a security interest to the collateral
- 6. Under UCC Article 3 a holder of a promissory note who takes it in good faith for value and without _ of any claim or defenses is a holder in due course HDC
- 7. a _ arise when the lender loans money to the borrower specifically for the buyer to purchase certain goods and thereunder takes a security interest in the goods. For example Lumber Mill owns a bunch of machines that saw wood.Bank 1 has a perfected security interest in all of LumberMills equipment due to a n existing loan. Lumber Mill needs a new machine. Bank 2 gives LM a loan to buy the new machine and takes a SI in it. Bank 2's SI is a _ and has priority over Bank 1's
- 10. Perfected when the holder of the security interest files a financing statement at a central filing location in the state where the debris is located; in VA with the _ 3words
- 15. Under UCC article 9 an HDC prevails over _ parties claiming an interest in promissory note
- 18. _ security interests have priority over unperfected security interest
- 19. a bank account 2words
- 21. By perfecting a security interest the holder of the security interest puts the world on notice that the security interest exists. A perfected security interest will be_ to most interest others might've in the collateral
- 22. between two perfected security interests the _ to have been filed or perfected has priority
Down
- 1. A PMSI in non inventory collateral such as equipment will have property over other perfected security interests in the same collateral if the interest is perfected before or within _ days days the debtor receives possession of the collateral
- 2. Attachment without security agreement: _ 3 words
- 3. Security interests in things attached to _ usually must be perfected with filing statements that describe the land and re filed in the county where land is located
- 4. _provides that a consumer purchaser who buys consumer goods from another consumer takes free of a perfected security interest he buys the goods without knowledge of the security interest and before a financing statement covering the goods has been filed 3words
- 8. Normally a perfected security interest in collateral is good against _ buyers. An exception to this is the "garage sale rule"
- 9. creating a valid security interest in collateral; commonly through a security agreement which is valid for 1) the security agreement describes the collateral, 2) the party offering the collateral has rights in it, 3) the party gaining the security interest gives value in exchange for the security interest
- 11. goods used or brought for personal or household purposes 2words
- 12. goods held for sale or lease and applies/materials quickly used up in business
- 13. Purchase money security interest in consumer goods are _ perfected 1word
- 14. any physical goods other than consumer goods inventory or farm products
- 16. _a right to payment accounts receivable
- 17. _ the security interest
- 20. Under Art. 9 of the UCC a creditor must take two steps to gain full protection of secured transaction law: _ and _ 2words