Classification of Collateral I: Discussions in Secured Transactions Podcast
This is the first of two podcasts that describe the process by which a creditor identifies collateral subject to a security interest under Article 9 of the Uniform Commercial Code. This podcast focuses on descriptions of tangible personal property. See Classification of Collateral II for classifications of collateral constituting intangible property.
On completion of the podcast, the student will be able to:
1. Describe how a secured creditor goes about describing the collateral in the security agreement, including by specific listing, category, and type of collateral defined in the Uniform Commercial Code.
2. Describe and identify the tangible property definitions for goods: inventory, farm products, consumer goods, and equipment.