Understanding Key Terms in Secured Transactions and Bankruptcy Law Flashcards

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
collateral

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Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
involuntary petition

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
attachment

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
secured transaction

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
PMSI

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
general intangibles

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
composition

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
absolute surety

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
security interest

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
security agreement

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
trustee

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
perfection

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
exoneration

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
consumer goods

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
assignment for benefit of creditors

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
secured claim

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
financing statement

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
voidable preference

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
automatic stay

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
principal debtor

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
chattel paper

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
creditor

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
voluntary petition

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
surety

Question

Match the following:
a.The right in personal property that insures payment or performance of an obligation.b.Making a security interest effective against third parties who assert competing interests.c.A document filed to provide notice of a security interest.d.A catch-all category of collateral not otherwise covered;includes software,goodwill,and interests in patents and copyrights.e.Tangible or electronic record that evidences both a debt and a security interest in specific goods.f.The creation of a security interest that is enforceable against the debtor.g.A dealing in which one party obtains a security interest in the personal property of another to secure the payment of a debt.h.A contract between the debtor and creditor creating a security interest in the debtor's collateral.i.Goods bought or used primarily for personal,family,or household purposes.j.The right of a surety who has paid the creditor to be repaid by the principal debtor.k.A person liable to a creditor immediately upon the default of a principal debtor.l.Interest retained either by the seller of goods or by a lender who advances the purchase price.m.The right of a surety to be relieved of his obligation to the creditor by having the principal debtor perform the obligation.n.The party primarily liable on the obligation.o.A person who promises to answer for the payment of a debt or the performance of a duty owed to the creditor by the principal debtor upon the failure of the principal debtor to perform.p.A way to begin a bankruptcy case that is available to any debtor,even if solvent.q.May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as they become due.r.The person responsible for collecting,liquidating,and distributing the debtor's estate.s.Property subject to a security interest.t.Any entity that has a claim against the debtor.u.A claim with a lien on property of a debtor;a claim that is tied to specific property of the debtor.v.The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy from a debtor to favored creditors.w.An agreement between the debtor and two or more of her creditors that each will take a portion of its claim as full payment.x.Prevents attempts by creditors to recover claims against the debtor.y.A voluntary transfer by the debtor of his property to a trustee,who applies the property to the payment of all of the debtor's debts.
reimbursement

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Deck 58: Understanding Key Terms in Secured Transactions and Bankruptcy Law