SECURED TRANSACTION DEFINE AS
Secured transactions are an important part of the law and economy of the country. By enabling lenders to take a security interest in collateral (that is, the assets of debtors), the law of secured transactions provides lenders with assurance of legal relief in case of default by the borrower. The availability of such remedies encourages lenders to lend capital at lower interest rates, which in turn facilitates the free flow of credit and stimulates economic growth.
- BUSINESS ( RESTAURANT, CONTRACTOR, ETC. )
- CLAIMS RIGHT ( LEASE CONTRACT AGREEMENT, LOAN CONTRACT AGREEMENT )
- MOVABLE PROPERTY ( MACHINERY, PRODUCTS STOCK )
- INTELLECTUAL PROPERTY ( COPY RIGHT, TRADE MARK )
- REAL ESTATE ( HOUSING DEVELOPMENT, CONDOMINIUM )
- OTHER ASSET
- DATE AND TIME OF REGISTRATION
- NAME AND ADDRESS OF THE PARTY WHO PARTICIPATE FOR SECURED TRANSACTION
- NAME ANS ADDRESS OF THE BENEFICIARY
- DEPT TOTAL
WHO IS SECURED TRANSACTION
BUSINESS AS SECURED TRANSACTION
Generally governs secured transactions where security interests are taken in personal property. 1 It regulates creation and enforcement of security interests in movable property, intangible property, and fixtures.
SECURED TRANSACTION QUALIFICATION
Transactions where security interests are taken in real property are regulated, but by real property laws that vary among jurisdictions. However, the assignment or conveyance of a contract secured by real property may be regulated to the extent that the contract is a negotiable instrument. Both must be distinguished from a secured interest in a promissory note that is secured by a mortgage or deed of trust on real property. This latter distinction is important in the context of the sale and purchase of promissory notes secured by real property.