Brooklyn Law School. Label parties 3. E. g. Lender is entitled the the same percetnage of the proceeds of the postpetition milk as its contribbution of the production of mil bears to the total capital and direction operating expesnes incurred, Cash collateral (e. g. milk that is encumbered by lien) = (D/(D+E+L))*P where d=average depretiaion of capital, E=direct expnese L=cost of labor, P=cost of proceeds sold, After-acquired title in real eatette include fitures, and permits an earlier mortageor to convey a security intersts in land acquired after by the mortgager, Bankrupcy creditors cant get their hands on things that would have been available to all creditors, Highly liquird collateral aka cash colateral is defined as liquid things that may be necessary to keep the business going (secured creditors can seek adaquate protection), Once liquid collateral is coverted into other form (e. g. wages produce product) it is not a tight enough relationship to be called proceeds -- at this point the secured creditor is not entitled to it -- there can be anorder permitting the use of cash collateral to fill the gap, Notice is required to secured creditor before using it, Failure: there is a doctrine of equitable mortgages whic the code abolishes, The word "proceeds doesnt include anything filed in the future the word proceeds means very little. I am seriously regretting not taking these classes. e. g. something can be perfected (under alt1) in whichever way appropraite if they wernt fixtures, Things that are fixtures can be perfected by other means other than the filing means, If something is not a fixture, than it is equipment, and then the holder of the si on the land would be subordinated to evyerone, Construction mortgages will have priority over a purchase money security interest in fixtures installduring during the consturionc of the buildingcosntruciotn mortages ahve to indicate that they are for the cosntruction and improve of land, Bricks are real estate and ordinary building material cant really be fixtures, Applications to remove fixtures in buuildings that are being defaulted on can be gratned if security against dagmes is given (damages caused by removal) not property value damages, Advances must be specificed in the agreement: if the uuincdle future advances or other value whether or not the advance or value were given persuant to origina committment, Lien Credit (and trustee) vs. Of course there is no obligation, and I wish you the best of luck. Thank you! "Take this test seriously otherwise you will regret not giving ample time to study for a test that is not at all 'cram-able' like you might have been able to do for law school finals. Best of luck with your studies. article 3 deals with commercial paper (notes, promissory notes, etc.) Finally decided to pass the bar for real, Mike Ross? Sellers right ends when the buyer gets the goods or is govern acknowledge my a third party carrier or bailer that the buyer now has the possession of the goods, Insolvency: Reclamation demand: 10 days of the buyers receipt of the goods if insolvent. g. CMOs, near-cash certified checks, cashiers checks, tellers checks , underlying obligation is discharged upon receipt, suspension of obligaiton until dishonor or payment, can sue on check or underlying obligations, Foreclosure is defined as the process by which the creditor applies the value of the creditor to payment (it differs from taking collateral), Creditor remains in possesiosn until sale, Needs a writ of possession, or possession (directs the sheriff to remove the debtor) delaying tracts, Rare: Irresptive of the equity in property it is forelsoed, Usual sale retains equity and security interst -- cant waive the selling procedure for vale capute, Common law right to redeam ends at foreclosure (so many advertised sales never take place), no warranties and no inspection time (hostile environment), cant use the property until the statutory redemption period ends, anti-deficiency statutes only address the possibility of a deficiency judement, the creditor will bid on it, and rather than the necessity for confirmation, the money will go to the creditory, not the anti-deficiency statutes, Uniform Commercial Code sale -- for both self-help and replevin (cant bring Sheriff to a self-help), Possessionis taking for the purpose of preseving the collateral or its value, Opportunity for debtor to propose a satisfaction of the debt for retaining the prop (check this) -- some courts have said that there this doenst apply when the procedural prerequisites are not given, If more than 60% equity If they debtor doesnt object with in 21 days, the debtor has waived the sale requirement -- this exists if the debtor has paid 60% of the cash price on credit, or 60% of a loan against consumer goods -- else no power to object, there is no requirement that they must sell, Choice of ways to sell (auction, fixed price) (commercially reasonable), Open issue of whether things can be sold at wholesale or retail, It might be somewhat lose, in that the burden might be on the debtor to find out aout the sale if the debot really has some intersti, Can chose to retain, though usually in satisfaction of the debt, Debtor can give up his right to be protected from deficiency, SECURED CREDIT CAN BUY IT HIMSELF AT A "PUBlic sale", Secured creditor cannot buy at a private sale unless commodity, Uniform Commercial Code right of redemption, Good faith Buyers at sale take with good title, Statutory penalties for bad sale of sconsumer goods. See the privacy policy for information on how your data is used in conjunction with Gumroad or PayPal for purposes of payment and delivery of files. by redblueyellow » Sun Jul 05, 2015 11:02 pm, Post Not only that, I am taking on 100% of the risk with a 30-day refund policy. Every day is a struggle to synthesize the material and know which issues to think about as you stare at your enormous tome of an outline, hoping that the words will etch into your brain through static electricity. The goods that th buyer purchased as a cover were substantially the same as the contrac goods, and the buyer didnt pay too much for the contract goods, Acceptance if it is too late to revoke acceptance, the buyers damages are limited to breach of warranty, Can deduct, for less value, but must give proper notice, If the buyer has paid the piurcahse price, the buyer may hold the goods as security for repayment of tis purchase price as well as for any expenses and thebuyer cna resell the goods in a manner as an aggrieved seller -- damages, Good faith from covering is without delay or reasonable price --, Not yet acceptance or justifiable refused, Must be given in a reasonable time after the the buyer discovers orshould have disvered the breach, (Value of conforing value of nonconfirming )(+ incidental + consequential), no goods (or goods rightfully dumped back). Payor bank is responsible under the rules for losses, Merchants might be entitled to draw from the bank even though they are not drawing fmor the account, Customer has no liability unless the card has been used unless the card that cause the loss has some minimual security feature (PIN, photo signature), Banks can enforce a contracutal provision that makes customers liable for up to $50 of unauthorized things, If the customer doesnt notify, the bank can pass on an even larger loss up to $500, Customer must report losses extenuating circusmtances are ok, Customers have to give oral or written notice in 60 days, Trebble damages for a anlk that fails to recredit an account within 10 days, of notice that isnt met by a responce, or unreasonable denial of claim, Failure of the stakeholder may end things (e. g. FDIC takeover), Credit cards - mostly federal law (TILA) and Reg Z, also applies to Amex, Discover, Gas Cards -- does not include to credit cards for busines spurpoes or things over 25k, Can only issue in responce to an application, Must have clear and conspicuis disclosure, Network: consumer (SIC) code, to merchange bank to card network to issuing bank, Merchant bank sorts into on-us and for the rest of the network, Contractual relationship between the merchant and the bank is reguatlionof the merchants reugaltion with the customer, the cardholder to prohibit inordinate risk, TILA now prohinits contracts which force equalization of credit card and cash prices, No final at point of sale (for defect) one can refuse to pay -- arrangements end up with the merchant bearing most of the risk, Customer lose the right as the customer pays the bill (only a right to withold payment), Disputes limited to within the sate and more than 100 miles, If a bank starts to cure, it has to finsih exception, Disputes have to be announced to the card issuer with in 60 days of the statement, as well as additional clarification about the charge, after explaination, an written explanation, While dipsute are pending no action can be taken, Cardholder limited to $50 in unauthorized charges -- applies to business, Business can contract out of this, if they have more than 10 employees, and if the business doenst pass it on the the employees, With apparant liability doenst limit liabilty for third partychanges, Fixtures is defined as item of person property that has become relatede to real property so that it will arise in a real estate tranasction, A deed or a lien would convey an interst in the fixture, Uniform Commercial Code: personal property finaceriers can take an interest in fixtures article 90 requires that fiancing statemetn covering fixtures be filed in the real estate records rather than in the usual place, State law determines when a fixture is intimately related, Rule of thumb is whether the person who gets the real estate would expect to get it without having to specificailly pay for it in the deed, Security intersts are subordnate to the owner or encumberancers, If a debtor has the right to remove goods as against the owner, than the secured party can as well.
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