ILEC
Voci Unit 13: secured transactions
Voci Unit 13: secured transactions
Kartei Details
| Karten | 38 |
|---|---|
| Sprache | English |
| Kategorie | Englisch |
| Stufe | Andere |
| Erstellt / Aktualisiert | 26.11.2011 / 02.01.2012 |
| Lizenzierung | Kein Urheberrechtsschutz (CC0) |
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secured transaction
A secured transaction is created by means of a security agreement in which a lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan.
security (in the context of the law of secured transactions)
something given as a guarantee that an undertaking will be fulfilled or a loan repaid.
right in rem
dingliches Recht
in rem = against or about a thing
possessory interest
the creditor takes possession of the property which is the security interest
pawn
pfänden
to leave something valuable with a pawnbroker in order to borrow money from them.
non-possesory security: security interest in specific assets: chattel mortgage
A chattel mortgage is a mortgage that provides for a security interest in assets other than real estate to secure the loan. In the event of a default in payments, the lender has a lien in the assets used as collateral for the loan.
In most states, a security agreement has replaced the use of chattel mortgages.
non-possessory security: security interest in specific assets: floatin lien
Floating lien is a general lien against a set of assets, such as inventory or accounts receivable, in which the assets are not specifically identified. It is a lien that is expanded to cover any additional property that is acquired by the lienor while the debt is outstanding
consensual
mit beidseitigem Einverständnis
involving the agreement of all or most people in a group:
