B files a financing statement on March 5. Security interest unperfected before effective date. But Article 9 does not define the term “default.” Typically, grounds of default are specified in the security agreement. Agreement on standards concerning rights and duties. Buyers not in the ordinary course of business takes subject to perfected to security interests (general rule). 1) Assume that the appliance store had sold its entire inventory to L, a liquidation sales company. First Bank filed first, on March 10, but did not loan Debtor any money (nor make any commitment to do so) until June 15. When possession by or delivery to secured party perfects security interest without filing. Law governing perfection and priority of security interests in investment property. Purchase-money security interest; application of payments; burden of establishing. 1. Automatic perfection: Usually, a security interest is “perfected” when it has attached and when some additional step (possession, control or filing) is taken. What should Carla tell the bank’s representative. On May 10, First Bank lends Hilda an additional $5000. Priority of security interests in deposit account. Bank’s right to refuse to enter into or disclose existence of control agreement. When initial financing statement suffices to continue effectiveness of financing statement. I post regularly at Top-Law-Schools.com, a leading forum for advice concerning the LSAT, law school, and the bar exam. Bank would have priority as to the motor. www.flsenate.gov/Laws/Statutes/2019?chapter=679, https://www.aplusebooks.com/ucc-9-secured-transactions-fl, FL Secured Transactions - FL Statutes 2019, Protected: Postponed Aug 2020 FL Bar Exam, Protected: Canceled Live Trial Exam Aug 2020, Quick Guide to Answering FL Bar Exam Essay Questions, FL Crim Pro Sentencing Guidelines & Punishment Code. Secured party v. subsequent real estate interest. The book is fully updated for students who are preparing for the bar exam in February 2020 & July 2020. When security interest or agricultural lien is perfected; continuity of perfection. Some courts apply the “casual and isolated test”—no need to file as to assignments “which no one would think of filing” Any person who regularly takes assignments of the debtor’s accounts or general intangibles should file. Questions on the Florida Bar Examination should be answered in accordance with applicable law in force at the time of examination. Continued perfection of security interest following change in governing law. In the trunk of the car are golf clubs that belong to D. Has S acted properly, or has S “converted” the golf clubs. Close. The appliance store sells a washer and dryer to Harry Homebody. Any time before the secured party has resold the collateral or has entered into a contract for its disposition, or the obligation has been discharged by the secured party’s retention of the collateral, the debtor may redeem the collateral. 8. Secured Party vs. a. Note: Any notation on the chattel paper stating that it has been assigned to a secured party is sufficient to give the purchaser knowledge that the purchase violates the rights of the secured party Mere knowledge that a financing statement lists chattel paper as collateral is not knowledge that the sale violates the rights of that secured party (unless the purchaser actually sees a financing statement that contains a statement that the purchase of the chattel paper violates the rights of the secured party). Note also: If a debtor transfers money or deposit account funds (e.g., by writing a check or making an electronic funds transfer), the transferee of the funds takes free of a security interest in the funds unless the transferee acts in collusion with the debtor in violating the rights of the secured party. The book is fully updated for students preparing for the bar exam … Amendment of financing statement filed before July 1, 2013. Illustration: Debtor grants Bank a security interest in a promissory note (an instrument), and Bank loans Debtor $20,000.
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