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Laws for Accountants - What is a security interest - What does Art 9 of the...

Laws for Accountants

- What is a security interest

- What does Art 9 of the UCC cover-and hat is not covered

- What does the word attachment mean under Art. 9

- What is required for a security interest to be perfected-how does perfection happen.

- Last but not least-why do we care about all of this

- Have you ever thought about how many credit transactions happen every day for purchases of things, not real estate? How much money do you think is involved?

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Answer #1

Security Interest

Also known as Collateral, is a legal right which is offered by the debtor/ borrower to the creditor/Lender. It enables the lender/creditor to have recourse to the security interest in the situation of default by the debtor. Security Interest can be propoerty, land buildings, shares and securities etc.

Please ask the other part in other questions.

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