Asked by Tommy Clobes on Jun 22, 2024
Verified
Under the Uniform Commercial Code,a secured interest is an interest in personal property or fixtures which secures payment or performance of an obligation.
Secured Interest
An interest in personal property or fixtures that secures payment or performance to a creditor.
Personal Property
Tangible, movable objects.
Uniform Commercial Code
A comprehensive set of laws governing all commercial transactions in the United States.
- Learn about the essential elements and goals of secured transactions stipulated by the Uniform Commercial Code (UCC).
- Recognize the role and definitions of collateral, security interests, and secured parties.
Verified Answer
CH
Charlie HookeJun 24, 2024
Final Answer :
True
Explanation :
Under the Uniform Commercial Code,a secured interest is an interest in personal property or fixtures that secures payment or performance of an obligation.Suppose,for example,that Best Buy sells you a laptop on credit.Best Buy retains a secured interest in the laptop,which means that the store can repossess the laptop if you fail to make payments.
Learning Objectives
- Learn about the essential elements and goals of secured transactions stipulated by the Uniform Commercial Code (UCC).
- Recognize the role and definitions of collateral, security interests, and secured parties.
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