Secured Transaction まとめ

久しぶりにまとまった時間に勉強しています 今日はSecured Transaction の問題を解いて、その後、間違えた箇所を淡々と書き出してみました この辺りも、しばらくやってないと忘れてしまう論点で凹むほど間違えてしまいました

いつも問題を解いたあとのまとめはGoogleドキュメントに書き込んで保存しています。これが、iPadなどを使用してどこでも読めるので便利ですよ~ 編集もできるのでお勧め 

今日の内容ですが、この章の論点は、「Attachment」と「Perfection」の手続きと要点を抑えたら頭の中がスッキリ整理されるので問題がスラスラと解けるようになりますね ご参考になればと思います

[Secured Transactions]

■Attachment – Security interest

Creditor – Debtor: A security interest is created when the debor and creditor enter into an agreement giving the creditor rights in the debtor’s  property as collateral for a debt; however, a security interest is not enforceable against the debtor until it attaches. Attachment occurs when three events occur:

  1. value is given by the creditor

  2. debtor has rights in the collateral

  3. the debtor gives the collateral into the creditor’s possession, or gives the creditor a signed wtitten security agreement, or provide an authenticated security agreement

*A financing statement is filed for perfection, not attachment, of a security interest

*Filing a financing statement has nothing to do with attachment

[Security interest may be created in three ways;]

  1. the debtor and creditor acknowledge the creation of a security interest in an agreement signed by the debtor

  2. the collateral is in the possession of the secured party (stock certificates, promissory notes, may be inventory need to be possessed, personal property is subject to PMSI that is automatic perfection)

  3. the debtor gives the secured party an authenticated security agreement

[Example of the components]

A debtor pickup an item, the item had been identified to the contract, threrfore the debtor had a right in the property

■Perfection – PMSI (Purchase money secutiry interest)

Automatic perfecti
on occurs when a purchase money security interest
(PSMI) is in consumer goods and the requirements of attachment have been met.


  • Once a financing statement is filed, perfection lapses after five years; unless continuation statements are filed timely.

  • A filing generally is necessary when goods are sold to wholesalers and other retailers

  • Not necessary to file a financing statement or take possession of the collateral if the sale is made to Consumers

  • If a creditor takes a purchase money security interest in equipment and files a financing statement within 20 days of attachment, the creditor will have priority over other secured creditors

  • Since the financing statements are filed, other creditors are deemed to have knowledge (constructive notice) under the statute due to a priority creditor’s prior filing

  • A security interest in negotiable instruments can be perfected only by possession

  • A perfected secutiry interest is not enforceable aginst a buyer in the ordinary course of business, even if the buyer had knowledge of the secured interest.

  • A perfected security interest is enforceable against other prospective creditors of the debtor, the bankruptcy trustee, and a subsequesnt personal inujury judgment creditor

  • Conflicting security interests rank according to priority in time of filing or perfection

  • When collateral such as inventory is perfected properly in one jurisdiction and then is removed to another jurisdiction, the creditor will have a four-month period in which to perfect its interest in the new jurisdiction

  • UCC 9-620 requires the creditor to s
    ell the collateral
    where there has been a purchase money security interest in consumer goods and the debtor has paid 60% or more of the purchase price

  • A purchase money secutiry interest in noninventory collateral takes priority over other perfected interests if the purchase money interest is perfected at the time the debtor takes possession of the collateral or within 20 days of receipt

■Proceeds from the disposition of collateral must apply to;

  1. Reasonable expense incurred in retaking, holding, and selling the collateral

  2. Satisfaction of the debt owed the secured party

  3. Subordinate security interests in the property

  4. Any surplus is returned to the debtor

■Security agreement

A security agreement must contain;

  1. the debtor’s name and address

  2. the creditor’s name and address

  3. the collateral’s description

  4. the debtor’s signature

■Deficiency judgment: <法律>不足金判決