1 / 13

CHAPTER 31 Secured and Unsecured Credit Transactions

CHAPTER 31 Secured and Unsecured Credit Transactions. 31-1 What Is a Secured Credit Transaction? 31-2 How Are Security Interests Perfected and Terminated?. 31-1 What Is a Secured Credit Transaction?. GOALS Assess the importance of secured credit transactions

manchu
Télécharger la présentation

CHAPTER 31 Secured and Unsecured Credit Transactions

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. CHAPTER 31Secured and Unsecured Credit Transactions 31-1 What Is a Secured Credit Transaction? 31-2 How Are Security Interests Perfected and Terminated?

  2. 31-1 What Is a Secured Credit Transaction? GOALS • Assess the importance of secured credit transactions • Discuss how a security interest is created Chapter 31

  3. FOCUS • If you were to loan part of your hard earned money to a stranger based only on someone else’s estimation of the likelihood that the borrower will pay it back, would you want security for it? Chapter 31

  4. IMPORTANCE OF SECURED CREDIT TRANSACTIONS • Debtor v. creditor • Secured transaction • Security interest • Collateral • Right of repossession • Secured party Chapter 31

  5. What is collateral? Chapter 31

  6. CREATION OF SECURITY INTERESTS • When the creditor has possession of the collateral • When the debtor retains possession of the collateral Chapter 31

  7. What types of property can be collateral for secured transactions under the UCC? Chapter 31

  8. 31-2 How Are Security Interests Perfected and Terminated? GOALS • Explain how a security interest is perfected • Describe the ways in which security interests can be terminated Chapter 31

  9. FOCUS • Is it true that, even though you have properly created a security interest, you still may not get a cent from the sale of the collateral upon default? Chapter 31

  10. PERFECTING A SECURITY INTEREST • Notice through possession • Notice through filing a financing statement • Tangible property • Consumer goods • Farm products • Inventory • Equipment • Intangible property Chapter 31

  11. What is a financing statement? Chapter 31

  12. TERMINATING A SECURITY INTEREST • The termination statement • Secured creditor may take possession if debtor defaults • Protection for consumers where value of goods exceeds amount of debt Chapter 31

  13. What significance does the termination statement have for the debtor? Chapter 31

More Related