Page 1 of 1
Any Mnemonic phrases to assist w/ Secured Transactions?
Posted: Tue Dec 04, 2012 1:37 pm
by LAWYER2
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?
Re: Any Mnemonic phrases to assist w/ Secured Transactions?
Posted: Tue Dec 04, 2012 7:53 pm
by I.P. Daly
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)
Re: Any Mnemonic phrases to assist w/ Secured Transactions?
Posted: Tue Dec 04, 2012 10:52 pm
by LAWYER2
good shid! thank you sir!
Re: Any Mnemonic phrases to assist w/ Secured Transactions?
Posted: Wed Dec 05, 2012 4:04 pm
by LAWYER2
Re: Any Mnemonic phrases to assist w/ Secured Transactions?
Posted: Sun Feb 03, 2013 9:47 pm
by iShotFirst
good info
Re: Any Mnemonic phrases to assist w/ Secured Transactions?
Posted: Sun Feb 03, 2013 10:16 pm
by Aqualibrium
Interesting
Re: Any Mnemonic phrases to assist w/ Secured Transactions?
Posted: Mon Feb 04, 2013 1:08 am
by LAWYER2
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