The objects in collateral are goods. Goods mean “everything that is mobile when a security interest comes with it. The term includes (i) devices, (ii) standing wood, intended to be cut and removed as part of a transport or sale contract; (iii) the young animal to be born of animals; (iv) crops for cultivation, cultivation or cultivation, including when crops are produced on trees, vines or shrubs, and v) manufactured houses. This term also includes a computer program integrated into goods. Unique Code of Trade, sections 9-102 (44). The goods are divided into several subcategos; Six are picked up here. (1) the security agreement takes effect in order to generate a security interest in the person`s property; Or, as always, it is necessary to review certain definitions in order for a communication on the subject to be obvious. The secured transaction always includes a debtor, an insured part, a guarantee agreement, a securities interest and guarantees. A statute of fraud under Article 9 of Article 9 of the UcC requires written protection of the security agreement. An exception to this requirement is when a security interest is mortgaged. This happens when a borrower gives the lender collateral in exchange for a loan, for example. B when a person makes goods available to a pawnbroker for a cash loan.
Creditors want assurance that they will be reimbursed by the debtor. Paying an oral promise is not safe at all, and since it is oral, it is difficult to prove. A loan signedA loan for which no guarantee is mortgaged. is just a written promise from the debtor to repay, but the creditor who holds only a voucher with a signed credit – although he can sue a defaulting debtor – receives nothing if the debtor is insolvent. Nor is that a guarantee at all. The effective guarantee for the creditor comes in two forms: in agreement with the debtor or in accordance with the law without agreement. If there is no security agreement and the security interest is not mortgaged, but the transaction appears to be a section 9 transaction, the court can recognize it by applying the composite document rule. The court will review a number of documents proving the security agreement and create an enforceable security interest by reading the documents as a whole.
However, the documents mentioned in this rule must be authenticated by the parties. If this proves impossible, the security agreement will fail. There are five ways for a creditor to develop a securities interest: (1) by filing a financing return, (2) by taking or holding collateral; (3) by security takeover; (4) temporary takeover in accordance with UCC requirements or (5) by automatic takeover. A secondary debtor is “a debtor in which: (A) [the undertaking] is secondary; or b) [the person] has the right to appeal an obligation that is guaranteed by collateral against the debtor, another debtor or the property of both. Single Code of Trade, Section 9-102 (a) (71). The secondary debtor is a surety of the debt, obliged to comply if the principal debtor breaks down. Take, for example, 2 from the official commentary in Section 9-102: “Behnfeldt borrows money and gives his Miata a security interest to secure the debt. Bruno signs a negotiable note as a creator. Behnfeldt is still a debtor and debtor.
As a hosting partner, Bruno is a second-rate debtor. Bruno has this status, even though the note indicates that his commitment is a primary obligation and that it renounces any guarantee defence. The fifth perfection mechanism is dealt with in section 9-309 of the UCC: there are several circumstances where a safety interest is perfected on the simple link. The most important thing here is automatic perfection by simple fixing. interest in the security of buying consumer goods. If a consumer product seller takes a PMSI in the product sold, the perfection of the safety interest is automatic.