Asked by
Morgan Bridgeman
on Nov 28, 2024
Verified
A security interest in proceeds is not perfected unless it is specifically provided in the security agreement.
Security Interest
A legal claim or lien on assets, which secures the payment of a debt or performance of some other obligation by the property owner.
Perfected
In legal and financial contexts, it refers to the completion of all necessary legal steps to validate a security interest against third parties.
Security Agreement
A legal contract in which a borrower pledges an asset as collateral for a loan, securing the interest of the lender.
- Be familiar with the concept of proceeds in secured transactions and their treatment.
Verified Answer
DV
Learning Objectives
- Be familiar with the concept of proceeds in secured transactions and their treatment.