Any Mnemonic phrases to assist w/ Secured Transactions?

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LAWYER2
Posts: 576
Joined: Fri Jul 16, 2010 9:15 pm

Any Mnemonic phrases to assist w/ Secured Transactions?

Postby LAWYER2 » Tue Dec 04, 2012 1:37 pm

has anyone developed any mnemonic phrases for Articles 3 & 9 they can share?

One I found on the interwebs:
Seven Angry Creditors Persistently Pursue Secured Parties Relentlessly
S = Is There A Security Interest?
A = Has The Security Interest Attached?
C = Classification Of The Collateral?
P = Is This A PMSI?
P = Is The Security Interest Perfected?
S = What Is The Status Of The Party
P = What Priority Rule Applies?
R = What Remedy Is Available?

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I.P. Daly
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Re: Any Mnemonic phrases to assist w/ Secured Transactions?

Postby I.P. Daly » Tue Dec 04, 2012 7:53 pm

A security interest can be perfected by a PIG:
commercial Paper (negotiable instruments, certificates)
Intangible property
Goods


Real Defenses against HDC's (DIALS DIFF):
Duress
Illegality
Alteration (material)
Lack of capacity
Statute of Limitations

Discharge (bankruptcy)
Infancy of maker/drawer
Forgery
Fraud in fact


HDC Defenses (Muffin):
Mistake
Unconscionability
Failure of consideration
Failure of condition
Inducement by fraud
Non-delivery of completed instrument


Warranty Requirements are STAID:
Signatures are legit
Title is good
Alteration (no material alteration)
Insolvency (no knowledge)
Defenses (no defenses are good against him)


Requirements to be negotiable (MUST SOW):
Money (payable in money)
Unconditional promise
Sum certain
Time (definite time or payable on demand)
Signed by maker or drawer
Order of (must be payable to Order of)
Writing (must be signed writing)

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LAWYER2
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Re: Any Mnemonic phrases to assist w/ Secured Transactions?

Postby LAWYER2 » Tue Dec 04, 2012 10:52 pm

good shid! thank you sir!

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LAWYER2
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Re: Any Mnemonic phrases to assist w/ Secured Transactions?

Postby LAWYER2 » Wed Dec 05, 2012 4:04 pm


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iShotFirst
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Re: Any Mnemonic phrases to assist w/ Secured Transactions?

Postby iShotFirst » Sun Feb 03, 2013 9:47 pm

good info

Aqualibrium
Posts: 2011
Joined: Tue Feb 24, 2009 5:57 am

Re: Any Mnemonic phrases to assist w/ Secured Transactions?

Postby Aqualibrium » Sun Feb 03, 2013 10:16 pm

Interesting

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LAWYER2
Posts: 576
Joined: Fri Jul 16, 2010 9:15 pm

Re: Any Mnemonic phrases to assist w/ Secured Transactions?

Postby LAWYER2 » Mon Feb 04, 2013 1:08 am

I will share this one I came up with that helped me Ace my Secured Transactions final

DECALCIFIED G CHIP

Deposit Accounts
Equipment
Consumer goods
Accounts
Letter of Credit rights
Chattel paper
Inventory
Farm Products
Instruments (neg.)
Electronic Chattel paper
Documents (WH reciept)

General Intangibles

Commercial Tort Claim
Health Care Ins. Recivables
Investment Property (securities)
Proceeds




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