Sign Oklahoma Terms of Use Agreement Secure

Secure title attestation

in this lecture we take up the creation and perfection of secured transactions we know that sellers and lenders do not want to risk non-payment and we've seen various tools that both sellers and lenders have to lessen the risk of non-payment payments of debt can be secured by personal or real property this property is going to act as a guarantee of repayment and if repayment does not occur then the properties will go to the lender now the concept of the secured transaction is basic to modern business and when we talk about secured transactions in the UCC article 9 of the UCC governs secured transactions so today we're going to look at article 9 its terminology and its operations and after this lecture you should be able to answer the following questions what are the most important definitions associated with secured transactions how our secured interest created and what does it mean to perfect a security interest and finally what is the purpose of perfection now at the core of secured transactions law the law that we'll be studying in this segment of the course is the concept of the security interest in any credit extension anytime a lender lends money there are questions for that prospective lender to ask things like can I get repaid if not can I secure the loan with collateral and how do I make sure my rights in the collateral are superior to anyone elses now before we can go into secured transactions there's a number of definitions that we have to get to and we start with this most basic definition of a secured transaction now secured transaction is a transaction in which the payment of a debt is guaranteed or secured by collateral and in a secured transaction the debtor must own or have a legal interest in the collateral and when we talk about collateral collateral is the property either real or personal that is subject to a security interest there are some other definitions that we need to review starting with security agreement what is the security agreement a security agreement is an agreement that creates or memorializes the security interest that is granted by a debtor to a secured party so in exchange for the extension of credit from the creditor to the debtor the debtor is going to give to the creditor a document that memorializes a security interest in certain property another important definition now of course is who's a better a debtor is the party who owes payment or performance of a secured obligation whether or not she yet owns or has any rights in the collateral and finally a secured party the creditor is a lender seller or any other person who's a beneficiary of a security interest including a person to whom accounts are sold you will often hear of parties selling their promissory notes now sure a secured creditor has two main concerns if the debtor defaults if the debtor...