LAW 603 Lecture Notes - Lecture 7: Secured Creditor, Security Interest, Consignee
9 Jul 2017
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#586 granting a security interest in a specific asset. #586 chattel mortgage: is a transaction in which a debtor gives a creditor title to some specific personal property to secure the performance of an obligation it owes to the creditor. Bank financing vs lease financing and conditional sale page 588. #588-89 assignment of accounts receivable allows a creditor (bank) to collect debts owing to a debtor (business) if the debtor does not fulfill their obligations to the creditor (ie. loans are not repaid) #589-90granting a security interest in all of the debtor"s assets page 590. General security agreement provides a creditor with a security interest in all of the debtor"s assets. Floating charge is a security interest that hovers above the debtor"s assets until some event causes the charge to become fixed or crystallized on those assets. Basic rule is that priority goes to those who claim security first aka register first.
