BUSFIN 4510 FINAL EXAM WITH CORRECT
ANSWERS
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Terms in this set (205)
Transaction in which the payment of a debt is
Secured Transaction guarenteed by personal property owned by the
debtor
An interest in personal property or fixtures which
secures payment of performance of an obligation (ex.
Secured Interest
Best Buy sells you a laptop on credit, they have a ___
___)
Person/Party that holds the interest in the secured
Secured Party property also referred to as the secured creditor (Ex.
Best Buy)
Person/Party with the obligation to the secured party
Debtor
(ex. laptop owner)
Agreement in which the debtor gives the secured
Security Agreement
interest to the secured party
Property that is subject to the security interest -- ex.
Collateral
goods, indispensable paper, intangibles, proceeds
, Steps to creating a security interest:
1. Two parties create a security agreement and either
Debtor, Collateral, Value, (a) record is signed by ___ or (b) secured party is in
Collateral possession of ___
2. Secured party gives ___ to the security agreement
3. Debtor has a right in or to the ___
Creditor becomes secured party with an interest in
Attachment
the collateral
Part of creating security interest, must be signed by
Written Agreement the debtor and describe the collateral (reasonable
identifiable or rights could be lost)
Given by secured party; equal to consideration (ex.
Value
auto, cash, loan, etc.)
One specific kind of security interest where the
debtor uses borrowed money from secured party to
buy collateral; exists when security interest is
Purchase-Money Security retained/taken by:
Interest (PMSI) 1. seller of collateral to secure all or part of purchase
price
2. person who gives something of value to debtor so
they may gain rights to or use of the collateral
Series of legal steps a secured party takes to protect
its rights in the collateral from other creditors that
Perfection
wish to have their debts satisfied through the same
collateral
File a financing statement with state agency (most
Perfection by Filing
common method of perfection)
document utilized to perfect a security interest by
filing; becomes public knowledge; lists names,
Financing Statement
addresses, description of collateral, signature of
debtor
ANSWERS
Save
Terms in this set (205)
Transaction in which the payment of a debt is
Secured Transaction guarenteed by personal property owned by the
debtor
An interest in personal property or fixtures which
secures payment of performance of an obligation (ex.
Secured Interest
Best Buy sells you a laptop on credit, they have a ___
___)
Person/Party that holds the interest in the secured
Secured Party property also referred to as the secured creditor (Ex.
Best Buy)
Person/Party with the obligation to the secured party
Debtor
(ex. laptop owner)
Agreement in which the debtor gives the secured
Security Agreement
interest to the secured party
Property that is subject to the security interest -- ex.
Collateral
goods, indispensable paper, intangibles, proceeds
, Steps to creating a security interest:
1. Two parties create a security agreement and either
Debtor, Collateral, Value, (a) record is signed by ___ or (b) secured party is in
Collateral possession of ___
2. Secured party gives ___ to the security agreement
3. Debtor has a right in or to the ___
Creditor becomes secured party with an interest in
Attachment
the collateral
Part of creating security interest, must be signed by
Written Agreement the debtor and describe the collateral (reasonable
identifiable or rights could be lost)
Given by secured party; equal to consideration (ex.
Value
auto, cash, loan, etc.)
One specific kind of security interest where the
debtor uses borrowed money from secured party to
buy collateral; exists when security interest is
Purchase-Money Security retained/taken by:
Interest (PMSI) 1. seller of collateral to secure all or part of purchase
price
2. person who gives something of value to debtor so
they may gain rights to or use of the collateral
Series of legal steps a secured party takes to protect
its rights in the collateral from other creditors that
Perfection
wish to have their debts satisfied through the same
collateral
File a financing statement with state agency (most
Perfection by Filing
common method of perfection)
document utilized to perfect a security interest by
filing; becomes public knowledge; lists names,
Financing Statement
addresses, description of collateral, signature of
debtor
