What type of property can serve as collateral under UCC?

For the most part, the UCC allows parties to use “after-acquired property” as collateral; however, the UCC does not allow after-acquired consumer goods to serve as collateral.

What type of collateral is a copyright?

Various forms of intellectual property, such as copyrights, are general intangibles.

What are proceeds under UCC?

Section 9-102(a)(64) of the UCC provides that proceeds are whatever is received upon the sale, lease, license, exchange, or other disposition or collection of, or distribution on account of, collateral.

What is personal property collateral?

Personal Property Collateral means the Personal Property of a Mortgagor in which security interests are granted to Administrative Agent, for the benefit of the Lenders, under the Mortgages.

How do you describe collateral in financial statements?

As the Ring decision makes clear, the collateral description necessary to perfect a security interest in all of a debtor’s property should be simple and need only contain the following five words: “all assets of the debtor.” As the secured creditor discovered in the Ring case, adding more language to that simple …

What is collateral instrument?

Collateral Instruments means notes, bills of exchange, certificates of deposit and other negotiable and non-negotiable instruments, guarantees and any other documents or instruments which contain or evidence an obligation (with or without security) to pay, discharge.

What are the different types of collateral?

Types of Collateral to Secure a Loan

• Real Estate Collateral.
• Business Equipment Collateral.
• Inventory Collateral.
• Invoices Collateral.
• Blanket Lien Collateral.
• Cash Collateral.
• Investments Collateral.

What is as extracted collateral?

(6) “As-extracted collateral” means: (A) oil, gas, or other minerals that are subject to a security interest that: (i) is created by a debtor having an interest in the minerals before extraction; and. (ii) attaches to the minerals as extracted; or.

What is equipment under the UCC?

Under Article 9 of the Uniform Commercial Code (UCC), “equipment” means goods other than inventory, farm products, or consumer goods. The equipment is used in the course of the debtor’s business – it is not stocked. [