Guide · Commercial
Secured Transactions: A Comprehensive Guide to Attachment, Perfection, Priority, Default, and Disposition of Collateral
7 U.S.C. § 1631
- Type
- Guide
- Jurisdiction
- National
- Date
- 2024-05-18
- Topic
- Commercial
This guide covers secured transactions from documentation through enforcement. It separates attachment from perfection, then works through each attachment element and the collateral description rules that differ between the security agreement and the financing statement. It sets out the debtor name rules that decide more cases than any other provision, the filing office rules keyed to the debtor's location, and the maintenance obligations that cause a perfect filing to lapse. It then covers perfection by control, possession, and automatic operation, the full priority ordering including purchase-money superpriority and its different inventory conditions, and proceeds tracing. It addresses the buyer who takes free, the federal regimes that displace state filing entirely, and the bankruptcy provisions that turn documentation defects into total losses. It closes with default, disposition, notification, and deficiency practice.
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