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While a fixed charge ...

Collateral, payment, a security interest

A security interest 3 collateral

Credit, indebtedness, a loan, payment, performance

Collateral, credit, a loan, payment, performance

Performance, a security interest, payment, a loan

All inventory, equipment, appliances, furnishings, and

Fixtures now or hereafter placed upon the prernises

[...J or used in connection therewith and in which

Debtor now has or hereafter acquires any right and the

Proceeds therefrom... right, title and interest to any

Trade marks, trade narnes and contract rights in which

Debtor now has or hereafter acquires.

All obligations become imrnediately payable.

Answer key E

6 1 Upon the 'Premises' (at 99 Appleby Road, Baltimore,

MD) and anywhere else used in connection with it.

Financial difficulty would be given in any of the

following circumstances:

V an assignment for the benefit of creditors

U an attachment or receivership of assets not

Dissolved within 30 days

V the institution of bankruptcy proceedings, whether

Voluntary or involuntary, which is not dismissed

Within 30 days from the date on which it is filed.

The remedies of a Secured Party under the Uniform

Commercial Code are available.

E 2d 3b 4a 5c

Suggested answers

Note that these only refer to liabilities. Similar distinctions

May be made for obligations.

v Direct liability is liability for one's own actions; indirect

liability is liability for someone else's actions (e.g. a

Parent may be liable for the actions of a child; an

Employer may be liable for the actions of an

Employee; an website owner for the actions of a user).

(.; An absolute liability is one which exists; a contingent

Liability mayor may not exist, depending on other


V If a liability is due, it must be paid immediately; if it is

To become due, it must be paid at a later date.

(; If a liability is now existing, it has already been

Agreed; if it is hereafter arising, it will be agreed at

Some point in the future.

Now or hereafter placed upon the premises ...

In which Debtor now has or hereafter acquires any

Right ...

Contract rights in which Debtor now has or hereafter


Bankruptcy proceedings, whether voluntary or

Involuntary, ...

Upon default and at any time thereafter...

An advertisement like this would probably appear in a

Law journal or other publication read by practising


Understanding Revised Article 9 of the UCC.

True 2 False 3 False 4 False 5 False 6 True

It was sent by a superior to the secured transactions

Team which reports to her.

Because there are two new junior members on the

Team and because they will soon be dealing with

Several new cases in the area.

It is respectful, distanced and formal.

See the table in Exercise 15.

When addressing someone you don't know, or don't

Know well; when addressing someone in a senior

Position to you; when addressing someone in a junior

Position with whom you wish to preserve a sense of

Professional authority.

The seminar will be held...

There are two young newcomers ...

It may be necessary...

I... would strongly advise that ...

I firmly believe that ...


Date: 2015-12-11; view: 637

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