Blog

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.

A debtor’s vehicle is never exempt from satisfaction of a judgment debt.

Brass & Woodwind Instruments, Inc., allows Clifton to keep a professional clarinet that he bought from Brass & Woodwind even though he has not paid the full price. Brass & Woodwind’s legally sufficient financing statement in the goods need not include​

Personal property that is most often exempt from satisfaction of judgment debts does not include equipment that the debtor uses in a business or trade.

The UCC requires that the mirror image rule be followed for all acceptances.

In a dispute over a sale involving a bicycle, Dain argues that as to this deal Ed’s Hobby Shop, where Dain bought the bike, is a merchant. A court may determine whether Ed’s is a merchant by assessing whether

Kyla holds a security interest in inventory owned by Luc. Kyla protects her claim to the inventory in the event of Luc’s default by​