Introduction to the Law of Secured Transactions
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This is an introduction to he law of secured transactions. It serves an ideal primer for a variety of undergraduate and graduate classes such as Legal Environment of Business, Business Law for Accountants, banking classes, and entrepreneurship classes. In simple to understand terms, this introduces the reader to the concept of security agreements and specific aspects including collateral, the mutual benefits to both the debtor and creditor offered by security agreements, Article 9 of the Uniform Commercial Code, the existence of variations from state to state, the principles of attachment and perfection, purchase money security interests (PMSIs), after-acquired collateral, the hierarchy of priority among creditors, and repossession of collateral. Detailed hypotheticals are included throughout to provide real-life examples that illustrate the nuanced nature of the legal principles taught. This emphasizes a more pragmatic approach to the study of secured transactions and demonstrates how the law is often not a perfectly objective endeavor; there are frequently ambiguities which create uncertainty as to the legal outcome.
