Secured Transactions Study Guide

Introduction to Secured Transactions and UCC Article 9 Scope

Foundational framework covering Article 9 applicability, definitions, and distinguishing secured transactions from other property interests.

Attachment of Security Interests

Requirements for enforceable security interests: value, rights in collateral, and authenticated security agreements with adequate descriptions.

Classification of Collateral

Mastering collateral categories including goods, accounts, chattel paper, instruments, and investment property for proper UCC analysis.

Perfection by Filing

Financing statement requirements, proper filing locations, debtor name accuracy, and authorization rules essential for Bar questions.

Perfection by Possession and Control

Alternative perfection methods for specific collateral types including negotiable instruments, investment property, and deposit accounts.

Automatic Perfection and Purchase Money Security Interests

PMSI rules, automatic perfection for consumer goods, and superpriority status with proper notification requirements.

Priority Rules Among Competing Secured Parties

First-to-file-or-perfect rule, PMSI superpriority exceptions, and future advances priority critical for Bar analysis.

Priority Against Lien Creditors and Bankruptcy Trustees

Secured party rights against judicial lien creditors and trustee's strong-arm powers under bankruptcy law.

Buyers of Collateral and Their Rights

Buyer in ordinary course, consumer-to-consumer sales, and when security interests survive disposition of collateral.

Proceeds and After-Acquired Property

Automatic attachment to proceeds, perfection continuity rules, and after-acquired property clauses tested on Bar Exam.

Default and Enforcement of Security Interests

Secured party remedies including repossession, strict foreclosure, disposition requirements, and debtor's redemption rights.

Multistate Transactions and Choice of Law

Governing law for perfection, location of debtor rules, and certificate of title statute complications.