Glossary of business law pt 4
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- what is gift causa mortis?
- someone thinking they will die is giving you a gift.
this is conditioned on the person dying and if they do not die the gift is revokable
- what is lost property?
- unitnentionally, involuntary parted with property.
- what is mislaid property?
- intentionally, voluntary parted with & forgotten (i.e. putting something down & leaving it)
- if something is lost/mislaid in govt property what are the two choices?
- if owner is listed, bring to owner or police.
if no owner is listed must bring to police
- what if the owner does not claim property?
- finder may keep it if it passes the statute period, estray statute
- if something is lost/mislaid on private property do you have to contact police?
- no police do not have to contacted
- in private property what is public area & private area?
- private area is a house, dorm, apartment etc.
In public area is restaurants, lobbys
- when can the finder keep the property in private property?
- when it is lost in a public area
- what is a bailment?
- transfer of possession from one party to another
- how is the burden of proof shifted in a bailment?
- all you have to prove is harm, must prove there was harm and a bailment. defendent would have to prove that they were not responsible
- what are two things that cannot be collateral?
- land & human beings
- Where must collateral be listed as an item to be grabbed if the debtor does not pay?
- must be listed in the security agreement
- When can a secured transaction be oral?
- when the seller/lender retains hold of the collateral item
- what must be in the creation of a secured transaction?
- 1) security agreement
2) give value: money
3) debtor must have rights in collateral-debtor owns it
- what must a security agreement state?
- both parties, what the collateral is, and signed by debtor
- how does one become perfected in a secured transaction?
- must file, pledge (creditor possession of collateral), or can be automatic
- how does a creditor file?
- file at states' security office
this contains, names of creditor and debtor
description of collateral
adresses of both parties
DOESNT NEED TO BE SIGNED
- how do you get automatic perfection?
- a merchant that sells a good to a consumer is automatically perfected. they do NOT have to file
- how do you lose a perfected pledge?
- give up possession of the collateral
- what are the exceptions to perfection?
- if you pay cash for a good you take free of the security interest
if you give up possession
- what is a floating lein?
- standard business agreement that creditor will have security interest in any proceeds of sale, inventory, etc.
whatever transformation the collateral turns into, the security interest will follow
there is a line of credit - future advances that stretches 5 yrs into the future
- what happens to the perfection if the consumer sells the item to another consumer?
- ther perfection is lost
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