D trades inventory for non-inventory elephant. Good Faith. 9-301(4). If SC does not perfect in the new state within the four-month period, his SI will be deemed unperfected as against a person who became a purchaser after the change. If no, go to vi. Use of force by SC - YES (most of the time).

If yes, then SC wins. Hesser.]

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. Name of SC Signed by D. Exceptions: 9-402(2) lists some situations in which the SC can sign the FS instead of D. (D already signed the FS but the SC needs another form/filing/etc.) [Actual use at time of filing governs.]

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If yes, then it is effective with respect to that collateral, 9-401(2), go to b.

Table of Content. If no, go to xiv.

If no, go to ii.

9-109(3). Who has priority?

the security interest enforceable?” is to ask: has it attached? The Certificate of Incorporation will show the only legal name of the corporation.

Assuming SC knows what state to file in, what office should he file in? Priority 9. 9-109(4). Of course, the PMSC can protect itself because the pre-existing creditor with the SI in accounts will be on file.]

Has SC received written notice of claims from other SCs before D renounced his rights? If yes, then the future advance has the same priority as the original SI. Default, Acceleration and Cure Under State Law Installment loan contract contains acceleration clause, which allows SC to declare entire loan due and payable if SC deems itself insecure. Some courts require that the holder of the collateral be within the SC's exclusive control.

(Of course, if he does so retain, he has no right to claim a deficiency from D.) 9-505.

If no, SC wins. CK.

Sufficiency of Description of Collateral: General Rule. If no, go to vi. What is the collateral? Notice. If SC does not file during that time, he loses perfection as against a person who became a purchaser after removal.

(Sale is conducted by SC.) If yes, go to vii. Does D have more than one place of business in the state? Use Quimbee’s Secured Transactions Outline to ace your final exam in secured transactions or supplement your prep for the Multistate Essay Examination (MEE).

Proceeds, Products, and Other Value-Tracing Concepts.

Note that is more likely to be a BOTP if the owner of the property had no knowledge of the deal and had higher fear of theft. Statutory liens (e.g. Describing After-Acquired Property. ²! " Part 5 of Article 9 deals with the procedures to be followed when a borrower defaults. Is D a resident of the state? See §§ 9-302 - 9-305 of the code. D comes out in underwear and yells "STOP!"

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