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Lecture Business law: The ethical, global, and e-commerce environment (13/e): Chapter 28 - Mallor, Barnes, Bowers, Langvardt

Chapter 28 introduction to credit and secured transactions. In this chapter, the learning objectives are: Explain the difference between secured and unsecured credit, differentiate suretyship from guaranty, describe the various types of liens on real and personal property, compare methods for holding a security interest in real property. | Credit Introduction to Credit and Secured Transactions Security Interests in Personal Property Bankruptcy 6 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Introduction to Credit and Secured Transactions P A E T R H C 28 “Creditors have better memories than debtors.” Benjamin Franklin, Poor Richard’s Almanac (1758) Learning Objectives The meaning of a secured transaction Suretyship and guaranty Liens on personal property Security interests in real property Mechanics and materialman’s liens 28 - In this course, credit refers to transactions in which goods are sold, services are rendered, or money is loaned Most transactions are unsecured: a service was rendered or goods sold and consumer-debtor promises to pay a bill To minimize risk, creditors may require a lien (security interest) on debtor’s property Overview 28 - Most transactions are unsecured: a service was rendered or good sold and the consumer-debtor promises to pay for . | Credit Introduction to Credit and Secured Transactions Security Interests in Personal Property Bankruptcy 6 McGraw-Hill/Irwin Business Law, 13/e © 2007 The McGraw-Hill Companies, Inc. All rights reserved. Introduction to Credit and Secured Transactions P A E T R H C 28 “Creditors have better memories than debtors.” Benjamin Franklin, Poor Richard’s Almanac (1758) Learning Objectives The meaning of a secured transaction Suretyship and guaranty Liens on personal property Security interests in real property Mechanics and materialman’s liens 28 - In this course, credit refers to transactions in which goods are sold, services are rendered, or money is loaned Most transactions are unsecured: a service was rendered or goods sold and consumer-debtor promises to pay a bill To minimize risk, creditors may require a lien (security interest) on debtor’s property Overview 28 - Most transactions are unsecured: a service was rendered or good sold and the consumer-debtor promises to pay for the service or good upon receiving a bill Maximum risk of loss to the creditor Examples of unsecured credit: store charge accounts, medical services to be billed, repair services later billed, inventory shipped and invoiced for later billing, etc. To minimize risk, a creditor may require the debtor to convey to the creditor a lien (security interest) on the debtor’s property Examples of secured credit: appliances sold on an installment plan, a mortgage for real property, a lien on restaurant equipment, a lien on agricultural products or machinery, etc. If a debtor defaults on an unsecured credit transaction, creditor may send notices to pay and eventually file suit for payment If a debtor defaults on a secured credit transaction, creditor has several options Rights and liabilities depend on the security device used: surety, guaranty, lien, or mortgage If Consumer Fails to Pay 28 - The collection effort includes having a sheriff “execute” a judgment and garnishing debtor’s wages – a