Legal Definitions of Terms

State Specific Training OnDemand Program

In this session you will learn about the legal definitions of terms used in collateral descriptions as defined by the Uniform Commercial Code adopted by your state. We will review common mistakes describing collateral and what steps should be taken to avoid them by using proper legal definitions. This program also covers the six ways to identify collateral by using collateral terms defined by the Uniform Commercial Code

Reviewed Code Defined Terms

Goods which includes:

• Consumer Goods
• Inventory
• Farm Products
• Equipment
• Standing Timber
• Fixtures

Writings Commonly Exchanged:

• Money
• Instrument
• Investment Property
• Document Chattel Paper
• Letters-of-Credit

Intangibles

• Account
• Deposit
• Letter of Credit Rights
• Commercial Tort Claim
• General Intangible

Training OnDemand Computer Requirements

• Broadband Internet Access
• Windows Media Player
• Speakers