Shared Flashcard Set

Details

Title

Secured Transactions

Description

Secured Transactions Terms and Ideas from UCC Article 9 (for IL Bar Exam)

Total Cards

Subject

Law

Level

Professional

Created

06/05/2009

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Additional Law Flashcards

Term

Secured Transaction

Definition

A business deal, generally a loan of money, plus a "security interest" in personalty

Term

UCC Article 9

Definition

The UCC Article covering secured transactions

Term

Default

Definition

Failure of the obligor, as defined by the terms of the agreement

Term

Repossession (how it may be performed)

Definition

May be performed:

1) Without notice

2) In any manner that does not breach the peace