Untangling the Web of Consignment Law: The Journey from the Common Law and Article 2 to Revised Article 9 by Willa E Gibson :: SSRN

If these are available it is possible to teach a machine by punishments and rewards to obey orders given in some language, e.g. a symbolic language. These orders are to be transmitted through the ‘unemotional’ channels. The use of this language will diminish greatly the number of punishments and rewards required. It is not possible to produce a set of rules purporting to describe what a man should do in every conceivable set of circumstances. One might for instance have a rule that one is to stop when one sees a red traffic light, and to go if one sees a green one, but what if by some fault both appear together? One may perhaps decide that it is safest to stop.

• Yes, because the student-loan company perfected its interest by filing a financing statement.
• As such, in secured transactions law we reference “SISOs,” or “security interests that secure obligations,” and non-SISOs, or interests that are governed by Article 9 despite that fact that they do not involve an extension of credit secured by personalty.
• For example, assume a security interest in equipment located in Pennsylvania is perfected by filing in Illinois, where the debtor is located.
• The fund seeks to maintain a stable net asset value of $1.00, so that account holders such as Delveccio can withdraw their investment at any time.

Write «correct» on the answer line if the vocabulary word has been used correctly or «incorrect» if it has been used incorrectly. After her conviction her lawyers asked that the judge not $confide$ her to prison for more than 30 days.

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How is the minivan classified as collateral by the Uniform Commercial Code ? As a farm product. As a consumer good.

Goods held on approval are not subject to the claims of the buyer’s creditors until acceptance; goods held on sale or return are subject to such claims while in the buyer’s possession. “Dual-Status” Rule. For transactions other than consumer-goods transactions, this Article approves what some cases have called the “dual-status” rule, under which a security interest may be a purchase-money security interest to some extent and a non-purchase-money security interest to some extent. https://online-accounting.net/ (Concerning consumer-goods transactions, see subsection and Comment 8.) Some courts have found this rule to be explicit or implicit in the words “to the extent,” found in former Section and continued in subsections and . The rule is made explicit in subsection . For non-consumer-goods transactions, this Article rejects the “transformation” rule adopted by some cases, under which any cross-collateralization, refinancing, or the like destroys the purchase-money status entirely.

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A plurality of courts considering the issue held that the noncomplying secured party is barred from recovering a deficiency unless it overcomes a rebuttable presumption that compliance with former Part 5 would have yielded an amount sufficient to satisfy the debt. In addition to the nonuniformity resulting from court decisions, some States enacted special rules governing the availability of deficiencies. Section includes among the reasons for Consigned to Confusion Consignments Under Revised Article 9 rejecting an initial financing statement the failure to give certain information that is not required as a condition of effectiveness. The information required by Section assists searchers in weeding out «false positives,» i.e., records that a search reveals but which do not pertain to the debtor in question. It assists filers by helping ensure the debtor’s name is correct and that the financing statement is filed in the proper jurisdiction.