Asked by Jillian Peace on Jul 26, 2024
Verified
According to the Uniform Commercial Code,a secured party need not give value in order to create a security interest.
Security Interest
A legal claim or lien on collateral that secures the repayment of a debt or obligation, giving the lender rights in the collateral.
Secured Party
The party that holds the interest in a secured property.
Uniform Commercial Code
A comprehensive set of laws governing all commercial transactions in the United States, intended to harmonize the law of sales and other commercial transactions across American jurisdictions.
- Pinpoint the requisites for initiating and improving a security interest.
Verified Answer
Learning Objectives
- Pinpoint the requisites for initiating and improving a security interest.
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