(SC does not advance amount secured by them to D. Rather, the interest secures attorneys' fees, collection costs and interest.) If yes, PMSC has priority. ], and the redeeming party has not yet otherwise agreed in writing after default. 1. Defined in 9-107. Most courts hold that the UCC adopts a system of notice filing, which is meant to put a third party on notice that the SC has a SI in the collateral described. putting the world on notice of its existence. If the terms are ambiguous, is there parol evidence? If yes, go to v If no, go to ix. If no, go to ii. If yes, then in the office where a mortgage on the real estate would be filed or recorded. A9 does not apply to leases of personal property unless they are intended as security.

9-401(1)(c) Third Alternative (New York) Is the collateral: * equipment used in farming operations * farm products * accounts or general intangibles arising from or relating to the sale of farm products by a farmer * consumer goods? Did the SI attach before the other creditor became an LC? This is not, of course, the majority view. The General Rule. If SP can show that the description of the collateral is ambiguous, resort can be had to parol evidence to identify the collateral. Why? Same rule if D sells the collateral for cash-proceeds and uses the cash to buy collateral of the same type. The point of Secured Transactions is to allow a lender to create a security interest in personal property.

If no, then the other SC wins. Future Advances. If yes, go to ix. If yes, then go to question xi. You can try any plan risk-free for 7 days. Courts therefore commonly construe agreements as such. 9-109(1).

Use of force by D - YES.

Free to join. Courts will want to know what has changed that caused SC's insecurity. No contracts or commitments. 7. More likely not to be BOTP if the trespass is away from home.

A change in D's location or the location of the collateral (within the state) which controls the place of filing.

If yes, go to 2.

Was a commitment made before or while the SI is so perfected? If yes, SC has priority. (In other words, it doesn't apply to true leases.) If no, the go to iii.

Unique, identifiable, generally unalterable. The court presumes that the value of the collateral was at least the amount of the debt (and no deficiency judgment). 9-301(4). In reorganizations, D proposes plan to pay all debts from current assets and future income. See Contracts. Can SC buy the collateral? If yes, then the future advance has the same priority as the original SI. SC can buy the collateral only when there is a recognized market or standard price.

the security interest enforceable?” is to ask: has it attached? If no, go to xiv. In Chapter 7 liquidation, BT sells all the assets (except those which are subject to exemptions) and distributes the cash pro-rata to the unsecured creditors. Distilling this supplement into a workable outline … 9-306 defines "proceeds" as whatever is received on the sale, exchange or other disposition of collateral. Note that SC and D can, by agreement, provide that SC should be able to require D to assemble the collateral and make it available to him at a place designated by the SP which is reasonably convenient for both parties. Accounts Only by filing. Time of filing. Creditor must get a lien by process of execution (judgment) Exceptions. 9-307 ??? Cash proceeds. State Law. Free to join. Sent to and maintained by secured party. A security interest arises when, in exchange for a loan, a borrower agrees in a security agreement that the lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. To the extant that they give rights to D and impose rights on SC, these rules may not be waived unless otherwise noted (and then only by post-default written agreement). UCC 9-102(1)(a) provides that Article 9 applies to any deal (regardless of name or form) which is intended to create a security interest in personal property or fixtures. Step two: Under 547(e)(2), the transfer will be deemed to have been made on the date of perfection (assuming SC perfected before the later of the commencement of the case or 10 days after attachment; otherwise, the transfer will be deemed to have been made immediately before the petition date) unless it meets one of the relation-back rules: Within 10 days. If D exchanges the collateral for non-cash proceeds, and those proceeds are property not covered by the description in the FS but are property in which a SI could be perfected by filing in the same office where the SC's FS is already on file, then SC remains perfected without a new filing.

\! FS alone.

Did the notification state that the person giving the notice has or expects to acquire a PMSI in inventory of D, describing such inventory by type? But SC has opportunity to prove that the collateral was worth less and that he received fair value (and that he is still entitled to a deficiency). Upon receiving the notice, the account debtors are thus obligated to send the money to the SC. Confrontation is not necessary. ("transfer is perfected when a creditor cannot acquire a judicial lien that is superior to the interest of the transferee.")

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