What is collateral classification?
Collateral – classified information not requiring additional security protections, above those normally required for CONFIDENTIAL, SECRET and TOP SECRET information. Also known as ‘REGULAR’ classified. Contractor Program Security Representative (CPSR) – a contractor who assists and is subordinate to a particular CPSO.
What does UCC Article 9 cover?
Article 9 is a section under the UCC governing secured transactions including the creation and enforcement of debts. Article 9 spells out the procedure for settling debts, including various types of collateralized loans and bonds.
Which of the following can be used as collateral under Article 9 of the UCC?
Under Revised Article 9 of the UCC, electronic chattel paper may be used as collateral in a secured transaction.
What is collateral Secret?
Definition(s): National security information (including intelligence information) classified Top Secret, Secret, or Confidential that is not in the Sensitive Compartmented Information (SCI) or Special Access Program (SAP) category.
What are collateral give examples?
Collateral is an asset or piece of property that a borrower offers to a lender as security for a loan. And, the borrower is more likely to repay the loan if they know they could lose their collateral. Unsecured loans do not use collateral. An example of unsecured lending is a business credit card.
What is the most common method of perfecting a security interest under Article 9?
The most common method of perfecting a security interest under Article 9 is filing a completed financing statement.
What is revised Article 9?
Under revised Article 9, in most cases the proper jurisdiction for filing will be in a single office in the home state where the borrower is “located. ” If a borrower is a “registered organization” (defined as an “organization organized solely under the law of a single state or the United States and as to which the …
What is an Article 9 foreclosure?
UCC 9-610(a) provides that “[a]fter default, a secured party may sell, lease, license or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.”[2] Article 9 thus offers broad flexibility to the secured lender in the sale of its …
What are the provisions of Article 9 Secured Transactions?
§ 9-317. INTERESTS THAT TAKE PRIORITY OVER OR TAKE FREE OF UNPERFECTED SECURITY INTEREST OR AGRICULTURAL LIEN. § 9-318. NO INTEREST RETAINED IN RIGHT TO PAYMENT THAT IS SOLD; RIGHTS AND TITLE OF SELLER OF ACCOUNT OR CHATTEL PAPER WITH RESPECT TO CREDITORS AND PURCHASERS. § 9-319.
What is the definition of security interest in Article 9?
§ 9-203. ATTACHMENT AND ENFORCEABILITY OF SECURITY INTEREST; PROCEEDS; SUPPORTING OBLIGATIONS; FORMAL REQUISITES. § 9-204. AFTER-ACQUIRED PROPERTY; FUTURE ADVANCES. § 9-205. USE OR DISPOSITION OF COLLATERAL PERMISSIBLE. § 9-206. SECURITY INTEREST ARISING IN PURCHASE OR DELIVERY OF FINANCIAL ASSET. [Subpart 2. Rights and Duties] § 9-207.
What do you need to know about UCC Article 9?
The understanding and use of the basic elements of a secured transaction in Article 9 can be a daunting task. It requires a thorough understanding of the code and any new amendments. A creditor must be able to follow the process, comprehend the scheme and implement a solution that best fits the purpose of mitigating the risk.
What are secured party rights on disposition of collateral?
§ 9-315. SECURED PARTY’S RIGHTS ON DISPOSITION OF COLLATERAL AND IN PROCEEDS. § 9-316. CONTINUED PERFECTION OF SECURITY INTEREST FOLLOWING CHANGE IN GOVERNING LAW.
