Term
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Definition
| interest in personal property or fixtures which secures payment or performance of an obligation-formerly called chattel mortgages |
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Term
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Definition
| personal property permanently attached to real estate |
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Term
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Definition
| property subject to a security interest |
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Term
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Definition
| party owing money or an obligation secured by the security interest |
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Term
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Definition
| person who holds (owns) the security interest |
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Term
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Definition
| notice of security interest filed with a government office |
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Term
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Definition
| right to sell property on default |
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Term
| types of collateral governed by article 9 of the UCC |
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Definition
| goods, quasi tangibles, intangibles, (NOT REAL ESTATE OR SHIT THAT APPLIES TO PERFECTING A MOTOR VEHICLE) |
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Term
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Definition
| things tangible and movable or fixtures |
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Term
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Definition
| paper instruments which in themselves evidence a right |
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Term
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Definition
| property with no physical existence, accounts receivable, goodwill of a business |
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Term
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Definition
| the moment in time when a security agreement becomes enforceable against a specific piece of collateral |
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Term
| requirements for attachment |
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Definition
| valid written security agreement or possession of the collateral, secured party gives value (consideration), debtor has rights in the collateral |
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Term
| written security agreement |
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Definition
| with language transferring a security interest in collateral, signed by the debtor, containing a description of collateral sufficient to identify it |
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Term
| oral security agreements are enforceable it... |
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Definition
| the secured party takes possession of the collateral |
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Term
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Definition
| the process to make the security interest enforceable against third parties who take a later interest in the collateral |
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Term
| 3 ways to perfect a security interest |
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Definition
| possession, attachment of a security instrument (PMSI), filing a financing statement |
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Term
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Definition
| used to perfect by pawn shops, also a common law pledge |
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Term
| Purchase Money Security Interest |
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Definition
| secured party provides the money or credit to collateral |
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Term
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Definition
| typical way to perfect in business transaction, written notice of security interest |
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Term
| when are financing statements required |
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Definition
| if no possession of collateral and no PMSI in consumer goods |
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Term
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Definition
| whatever is received by the debtor in exchange for transfered collateral |
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Term
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Definition
| loans (advances) to be made by a secured party in the future, that is some time after the promissory note is signed (collateral is security for line of credit) |
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Term
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Definition
| property of a type similar to the collateral acquired by the debtor after the signing of the security agreement |
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Term
| priorities to collateral... |
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Definition
1. buyer of goods in ordinary course
2. second hand purchasers of consumer goods (garage sale rule)
3. non inventory PMSI perfected within 20 days of attachment
4. first to perfect or become lien creditor
5. first to attach if no secured parties have perfected |
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Term
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Definition
| creditor who has obtained judgement and an execution lien (trustee in bankruptcy) |
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Term
| rights and duties of parties upon default... |
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Definition
1. ignore the security interest
2. repossession
3. repossession sale
4. retaining collateral |
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Term
| ignore the security interest |
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Definition
| a secured party may obtain a judgement based upon amount owed rather than repossessing the collateral |
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Term
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Definition
| a secured party may take possession of collateral covered by a security agreement; no breach of peace allowed |
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Term
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Definition
| a secured party may dispose of collateral and apply the proceeds to the obligation |
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Term
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Definition
| a secured party may keep collateral as satisfaction of the obligation. requires notice, right to redem |
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Term
| transfer of a good or title |
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Definition
| a purchaser at a valid repossession sale takes title free of ownership claims of the debtor and the secured party |
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Term
| order of distributed proceeds... |
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Definition
1. expenses of the repo sale
2. satisfaction of debt of first lien holder
3. subordinate security interest holders who gave written notification
4. debtor is entitled to any surplus |
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Term
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Definition
| gives notice that the creditor no longer has a lien on the property |
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Term
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Definition
| an agreement with a realtor to be the seller's agent for the purpose of soliciting offers on the property |
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Term
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Definition
| seller of real estate gives realtor the exclusive right to sell the property |
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Term
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Definition
| type of contract when buying a house; purchase price is paid in full at closing, title is transferred immediately |
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Term
installment land contract
(contract for deed) |
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Definition
| type of contract with purchase of real estate; seller finances purchase and retaining title and deed until consideration is paid in full: risk of foreclose or forefiture |
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Term
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Definition
| document transferring the title to real estate |
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Term
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Definition
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Term
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Definition
| transferes interest in land |
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Term
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Definition
| receives interest in land |
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Term
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Definition
| title on real estate is guaranteed |
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Term
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Definition
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Term
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Definition
1. written
2. describes property
3. signed
4. notarized
5. delivered |
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Term
| grantees may take a title by... |
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Definition
1. tenancy in common
2. joint tenancy
3. tenancy by entireties
4. transfer on death |
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Term
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Definition
| each co-owner's share in real estate will go to his heir in event of that co-owners death |
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Term
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Definition
| there is a right of survivorship, under which each co-owners share of real estate will go to the other co owners upon death |
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Term
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Definition
| only available for spouces, form of ownership which protects the land from the creditors of only 1 of the spouses and includes a right of survivorship, where the surviving spouse will take in the event of a death |
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Term
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Definition
| where deed specifies whom the property will go to in the event of the grantee's death |
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Term
| types of ownership interests |
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Definition
1. fee simple absolute
2. fee simple defeasible
3. partial interests
4. life estate
5. future interest |
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Term
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Definition
| ownership interest of entire ownership of the land |
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Term
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Definition
| ownership interest where there is entire ownership with a condition; "land for school as long as school is in existance then the land goes to the family" |
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Term
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Definition
| easements, profits, and licenses |
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Term
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Definition
| permanent right to use a portion of real estate without owning it |
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Term
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Definition
| right ot enter land and remove something from it |
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Term
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Definition
| revocable, temporary right to use real estate |
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Term
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Definition
| right to exclusive possession of real estate based on the lifespan of a specified person; also called a life tenancy |
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Term
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Definition
| an ownership interest in land which becomes tangible in the future |
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Term
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Definition
| a summary of transactions pertaining to the land since title came from the government |
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Term
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Definition
| a lawyers opinion on marketability of the title after examining the abstract |
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Term
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Definition
| insurance company guarantees good title |
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Term
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Definition
| transfers a mortgage (borrower) |
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Term
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Definition
| receives and holds a mortgage (lender) |
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Term
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Definition
| title and possesion in mortgagee |
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Term
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Definition
| title and possession in mortgagor |
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Term
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Definition
| a lien on real estate where the holder (mortgagee) personally excercises foreclosure rights |
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Term
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Definition
| a lien on real estate where a 3rd party, the trustee, exercises foreclosure rights on behalf of the holder |
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Term
| requirements for a valid mortgage include... |
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Definition
signed
notarized
delivered in writing |
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Term
| open end mortgage (line of credit) |
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Definition
| mortgage secures future advances |
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Term
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Definition
| lower in priority and usually later than the first |
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Term
| 5 types of clauses in mortgages include... |
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Definition
acceleration clause
due on sale clause
power of sale clause
points
prepayment privelages |
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Term
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Definition
| allows declaration that the entire balance of the loan is due if there is a default on a loan |
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Term
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Definition
| allows acceleration if an interest in land is sold |
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Term
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Definition
| allows a private foreclosure auction (nonjudicial and no court hearing) |
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Term
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Definition
| loan origination fees where one point equals one percent of the loan amount |
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Term
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Definition
| allows early payment without penalty |
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Term
| creditors rights under default include... |
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Definition
acceleration
private or judicial foreclosure
deficiency judgement |
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Term
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Definition
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Term
| debtors rights in default |
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Definition
statutory notice of foreclosure sale
equity by redemption
statutory redemption |
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Term
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Definition
| right to repurchase the real estate prior to foreclosure by paying the entire balance due to mortgagee |
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Term
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Definition
| right to repurchase after foreclosure |
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Term
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Definition
| first to record a mortgage or deed wins |
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Term
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Definition
| one who has notice of anothers interest prior to an interest in the land cannot defeat the others interest |
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Term
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Definition
| first to record after taking their interest without notice of anothers interest wins right to a deed |
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Term
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Definition
tenancy for years
periodic tenancy
tenancy at will
tenancy at sufferance
missouri rule |
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Term
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Definition
| a tenancy for any specific period of time, even less than one year |
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Term
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Definition
| a tenancy for automatically renewable successive periods of time, such as month to month |
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Term
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Definition
| a tenancy with no specific time frame, can be terminated by either party at any time |
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Term
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Definition
| wrongful possession of land by a tenant, wrongful intitial possession or a wrongfull holding over after a lease term |
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Term
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Definition
| a periodic tenancy, tenancy at will, tenancy at sufferance, or an oral lease are all converted to month to month unless the lease is for agriclutural land, in which case they are converted to year to year |
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Term
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Definition
| breach is material, non breaching party is released from the lease |
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Term
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Definition
| breach is immaterial, non breaching party is still bound to the lease |
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Term
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Definition
| a breach of condition may result in forfeiture |
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Term
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Definition
| early termination of the lease |
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Term
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Definition
| the landlord must give actual possession |
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Term
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Definition
| legal right to possession (burden on tenant) |
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Term
| landlords must prevent... |
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Definition
interference by previous tenants
nuisance by other tenants |
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Term
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Definition
| a future interest in the property in which the right of possession is returned to the landlord at the end of the lease |
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Term
| types of eviction include... |
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Definition
actual
constructive
retaliatory |
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Term
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Definition
| occurs by eviction notice or legal action |
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Term
| 3 requirements of constructive eviction... |
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Definition
-defect in premises cause substantial interference with the ability to live there
-tenant notifies landlord who fails to remedy the defect
-tenant leaves the premises |
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Term
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Definition
| an eviction as a response to a complaint to a housing authority |
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Term
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Definition
non payment of rent
waste or prohibited alterations
unlawful use or nuissance |
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Term
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Definition
| requires landlord to meet certain standards |
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Term
| implied warranty of habitability |
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Definition
| requires residential landlord to keep the property fit for occupancy |
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Term
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Definition
| landlord is liable for injuries to tenants and 3rd parties which occur because of negligent maitenance of common areas |
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Term
| duty to repair a commercial property falls... |
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Definition
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Term
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Definition
| transfer by tenant of all first tenant's rights to second tenant in a sublease |
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Term
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Definition
| transfer of part of tenant's rights to second tenant (sublessor to sublessee) |
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Term
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Definition
| no sublease or assignment of a lease of less 2 years duration is valid without written approval of the landlord |
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Term
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Definition
| agreement to release by landlord necessary to release first tenant from liability where sublease or assignment |
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Term
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Definition
| notice by the landlord or tenant of the intent to a periodic tenancy |
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Term
| month to month notice to quit |
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Definition
| notice must be given before the first day of the month to terminate the lease at the end of the month |
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Term
| year to year notice to quit |
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Definition
| notice must be given 60 days prior to the end of the lease year to terminate the lease at the end of the year |
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Term
| holding over after lease term |
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Definition
| upon termination of a lease, with landlords approval a tenant can stay in a property on a month to month basis |
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Term
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Definition
| allow a landlord to evict a tenant quicker by providing for a quicker trial date and fewer defenses |
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Term
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Definition
| allows a landlord to keep tenant's property as security for non payment or damages to the real estate |
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Term
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Definition
| landlord has a duty to mitigate damages of a tenant, usually by seeking a new tenant |
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