MGMT 108 Chapter Notes - Chapter 30: Financial Institution, Secured Transaction, Unsecured Creditor
Document Summary
A secured transaction is when the payment of a debt is guaranteed or secured by personal property owned or held by the debtor. Article 9 of the ucc governs secured transactions in personal property debtor"s collateral. Secured party: any creditor who has a security interest in the. Debtor: the party who owes payment or other performance. Security interest: the interest in the collateral that secures. Security agreement: an agreement that creates or provides for a payment or performance security interest. Collateral: the subject of the security interest. Financing statement: referred to as the ucc1 form- it is the instrument normally filed to give public notice to third parties of the secured party"s security interest. To become a secured party, the creditor must obtain a security interest in the collateral of the debtor- 3 requirements must be met: 1. There must be a written or authenticated security agreement that describes the collateral and is signed by the debtor.
