Author: Anonymous

A buyer in the ordinary course of business has priority even if a previously perfected security interest exists as to the goods.

To create an enforceable security interest, the secured party must give value.

Liquidated debts are debts that are indefinite, or not fixed, in amount.

The last security interest to be perfected is the first in priority over any other perfected security interests.​

An order for relief in a bankruptcy proceeding amounts to a discharge of the debts of the party petitioning for bankruptcy protection.

The United Nations Convention on Contracts for the International Sale of Goods (CISG) is the uniform international sales law of countries that account for more than two-thirds of all global trade.

The concept of a floating lien applies to a constantly changing inventory.

A purchase-money security interest (PMSI) in consumer goods is perfected automatically at the time the PMSI is created.

When consumer goods are involved, a termination statement must be filed within a month after the debt is paid.​

A trustee has the power to avoid a sale of the debtor’s property.