An account, within the context of secured transactions, is defined under Article 9 of the Uniform Commercial Code, as a right to payment of a monetary obligation. Not included: (1) letters of credit, (2) commercial tort claims, (3) deposit...
secured transactions
(Wex page)
As established in UCC §9 102-5, an agricultural lien is a lien placed on farm products like farm equipment or livestock that secures payment or performance in exchange for a loan of land, goods, or money. These loans allow farmers to produce...
(Wex page)
In the law of secured transactions, BIOCOB refers to a “buyer in the ordinary course of business.” There are certain elements that a buyer must meet to qualify as a BIOCOB. The buyer must purchase particular goods in good faith, without...
(Wex page)
A blanket security lien is a type of security interest over the assets of an entire entity rather than an individual asset. While blanket liens can technically be placed on the assets of an individual person, they are more commonly seen on...
(Wex page)
Commingled goods refer to goods so physically united with other goods such that the identity of the original goods is lost.
For example, flour becomes a commingled good when it is used to bake bread.The new good...
(Wex page)
A lien creditor is a creditor with a security interest in the debtor’s property to support the creditor’s claim.
The Uniform Commercial Code §9-102(52) defines a lien creditor as:
A creditor that has acquired a lien... (Wex page)
Perfection is the process of publicly establishing a security interest in collateral for purposes of gaining priority. Among competing security interests, a security that is perfected will prevail over other unperfected security interests (...
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A possessory lien is a type of interest that grants possessory rights to the creditor until the borrower has satisfied their obligation. A lien generally lasts until the debtor pays off the debt or the obligation that secures the debt is...
(Wex page)
Purchase-money collateral refers to collateral that was purchased completely or in part by the debtor with the funds given to create a security interest in the collateral. For example, if a debtor granted an appliance store a security...
(Wex page)
Purchase-money security interest (PMSI) refers to security interests in purchase-money collateral. Purchase-money collateral is the collateral that was purchased completely or in part by the debtor with the funds given to create a security...