Blog

A security interest is enforceable only if the debtor has title to the collateral.

Refined Metals Company and Superior Fabrication, Inc., enter into a contract under which Refined agrees to deliver a certain quantity of sheet metal to Superior each month. The contract does not include a price term. In a suit between the parties over the price, a court will

The basic duty of a trustee is to collect the debtor’s property and reduce it to money for distribution.

A financing statement must include the creditor’s signature.

Marine Expeditions, Inc., pays Nate’s Boats $4,000 to use an oceangoing vessel for a month. For the purposes of the UCC, this is

An installment contract is a single contract that requires or authorizes delivery in two or more separate lots to be paid for in one payment.

A buyer’s failure to cover will bar him or her from using any other remedies available under the UCC.​

Any breach of the terms of the security agreement can constitute default.

Once default has occurred and the secured party has obtained possession of the collateral, the secured party has no more options.​

Proceeds are whatever is received when collateral is sold.