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A bankruptcy estate consists of all the debtor’s interests in property currently held, wherever located.

Kyla holds a security interest in inventory owned by Luc. Kyla protects her claim to the inventory in the event of Luc’s default by​

In interpreting a commercial agreement, a court will assume that the usage of trade was taken into account when the agreement was phrased.

A security interest that provides for a security interest in collateral subject to future advances is a floating lien.

Under the UCC, an offeree can accept an offer to buy goods by a prompt shipment of conforming goods.

Quarry Equipment Corporation and Rock & Gravel Inc. enter into a lease of three bulldozers. Under the perfect tender rule, Quarry must ship or tender goods to Rock & Gravel that, with respect to the contract description, conform

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.​