 A person wants property (real or personal) or services but does not have money.  Person needs to become a debtor.

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Presentation transcript:

 A person wants property (real or personal) or services but does not have money.  Person needs to become a debtor.

 1. Refusal

 2. Obtain promise to repay  Unsecured creditor  General creditor

 3. Obtain surety  Co-signer  Accommodation party  Guarantor

 4. Obtain Collateral  Real property = mortgage or deed of trust

 4. Obtain Collateral  Personal Property = Article 9 security interest

 1. Is the transaction within scope of Article 9?

 2. Classify the collateral.

 3. Determine if a security interest has been created, that is, has attachment occurred.

 4. Determine if the security interest has been properly perfected.

 5. Determine the persons who are making claims to the collateral.

 6.Apply proper priority rules and rules regarding repossession.

Hub CarpetRatner DebtorCreditor Benedict Bankruptcy Trustee Issue: Who has priority to the accounts receivable? Loan of money Accounts receivable as collateral

 1. The pledge  DR gives CR physical possession of the collateral.  Pros?  Cons?

 2. Chattel Mortgage 360 Financial Services Queensland, Australia

 3. Conditional Sale  Problem 262, p. 761

 4. Trust Receipt

 5. Factor’s Lien

 6. Field Warehousing

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