Make Notes On Legal Wyoming Secured Transactions Forms For Free

Secured Transaction Law: An Overview A security interest arises when, in exchange for a loan, a borrower agrees in a security agreement that the lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan.

Secured Transactions is the study of the system of secured lending?that is, lending against collateral?and how commercial law helps serve business and public needs. The course is structured to be interactive and relies on student participation through ?problem sets? which resemble role playing or simulation exercises.

The law of secured transactions in the United States covers the creation and enforcement of a security interest. Usually, a secured transaction happens when a person or business borrows money for the purpose of acquiring property, including real estate, vehicles or business equipment.

The Law of Secured Transactions Under the UCC contains commentary on legal problems that can plague secured transactions, such as scope of coverage, perfection, and priority rules.

To protect its security interest, a secured party must take steps to ?perfect? its lien. A lien is usually perfected by filing a financing statement with the Secretary of State, or in some cases with the county recorder. The secured party may sometimes perfect its lien by being in possession of the collateral.

Uniform Commercial Code Article 9 provides a statutory framework that governs secured transactions--transactions that involve the granting of credit secured by personal property. Each state maintains an office for filing finance statements to publicly disclose security interests in encumbered property.