Collateral Descriptions from Secured Transactions
Terms
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- Types of Tangible Property or Goods
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1. Consumer Goods
2. Farm Products
3. Inventory
4. Equipment - Types of Intangible Property
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1. money
2. investment property
3. commercial tort claim
4. letter of credit
5. letter-of-credit right
6. chattel paper
7. instrument
8. deposit account
9. account
10. documents
11. general intangibles -
Definition:
Consumer Goods - Those acquired or used primarily for personal, family, or household purposes (9-102.a.23)
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Definition:
Farm Products - Crops, livestock, supplies, or products of crops or livestock, produced or used in farming operations.
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Definition:
Inventory - Goods held for sale or lease or to be furnished under contract of service (including those so leased or so furnished), raw materials, work in progress, or materials consumed in a business other than a farming operation.
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Definition:
Equipment - Goods not fitting the other three subcategories
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Definition:
Money - a medium of exchange adopted by a government
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Definition:
Investment Property - A security (directly or indirectly held), commodity contract, or commodity account
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Definition:
Commercial Tort Claim - An individual's tort claim arising otu of business and not involving personal injury, or an organization's tort claim
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Definition:
Letter of credit - A definite undertaking by a bank toward a beneficiary to honor the presentation of specified documents with delivery of an item of value.
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Definition:
Letter-of-Credit Right - A right to the payment or performance under a letter of credit, but not the right to demand payment or performance.
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Definition:
Chattel Paper - The records constituting a secured transaction in, or a lease of, specific goods, but not the charter of a vessel
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Definition:
Instrument - The right to payment of a monetary obligation represented by a negotiable instrument or by a writing commonly transferred by delivery and any necessary endorsement or assignment, unless it is a lease or security agreement, investment property, a letter of credit, or writings evidencing a credit card receivable.
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Definition:
Deposit Account - A demand, time, savings, or passbook account maintained witha bank, but not investment property or an instrument.
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Definition:
Account - The right to payment of a monetary obligation (whether or not earned by performance) that arises from (1) the disposition of property by sale, lease, license, or otherwise, (2) the rendering of services, (3) the issuing of insurance, (4) the incurring of a secondary obligation, (5) the providing of energy, (6) the chartering of a vessel, (7) the use of a credit card, (8) or legal lottery winnings; unless the right to payment results from money advanced (other than under a credit card) or comes within one of the other categories of intangible property described above.
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Definition:
Documents - Warehouse receipts, bills of lading, and similar docuuments embodying rights to goods possessed by a bailee
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Definition:
General Intangibles - Any personal property not fitting one of the other categories (such as software, copyrights, patents, payment intangibles, and many other types of personal property)