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- Secured_transactions_in_the_United_States abstract "Secured transactions in the United States are an important part of the law and economy of the country. By enabling lenders to take a security interest in collateral (that is, the assets of debtors), the law of secured transactions provides lenders with assurance of legal relief in case of default by the borrower. The availability of such remedies encourages lenders to lend capital at lower interest rates, which in turn facilitates the free flow of credit and stimulates economic growth.In all fifty states, Article 9 of the Uniform Commercial Code (UCC) governs secured transactions where security interests are taken in personal property. It regulates creation and enforcement of security interests in movable property, intangible property, and fixtures. UCC Article 9 replaced a wildly diverse array of security devices that had evolved in the various states during the 19th and early 20th centuries, in response to the reluctance of U.S. courts to enforce general nonpossessory security interests as either against public policy or because they were perceived as fraudulent conveyances. The drafters of UCC Article 9, particularly Grant Gilmore, successfully argued that since historical experience showed that disfavoring such security interests would not prevent creditors from requesting them or debtors from trying to give them by any means necessary, and because they were clearly economically useful, the better path was to develop a unified, simplified law of security interests.Transactions where security interests are taken in real property are regulated not by Article 9, but by real property laws that vary among jurisdictions. However, the assignment or conveyance of a contract secured by real property may be regulated by Article 3 to the extent that the contract is a negotiable instrument. Both must be distinguished from a secured interest in a promissory note that is secured by a mortgage or deed of trust on real property, which is regulated by Article 9. This latter distinction is important in the context of the sale and purchase of promissory notes secured by real property.There are a variety of situations in which this distinction is important. For example, a non-depository mortgage lender may fund their operations with a warehouse line of credit, while a distressed loan workout specialist may obtain a line of credit. The first makes loans for the purchase of real property; the second will acquire nonperforming loans at a discount from their face value (and then will either renegotiate them or foreclose on the underlying collateral). In either situation, the mortgage lender or workout specialist's interest in underlying real property collateral will be secured under state real property law. But their lender's interest in the notes secured by the underlying collateral will be secured under Article 9.Security interests are particularly valuable in bankruptcy, because creditors who have security interests in a bankrupt debtor's estate take precedence over creditors who lack such interests (unsecured creditors) in the distribution of the debtor's assets.".
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- Secured_transactions_in_the_United_States wikiPageLength "5832".
- Secured_transactions_in_the_United_States wikiPageOutDegree "24".
- Secured_transactions_in_the_United_States wikiPageRevisionID "585863908".
- Secured_transactions_in_the_United_States wikiPageWikiLink Anglo-America.
- Secured_transactions_in_the_United_States wikiPageWikiLink Bankruptcy_in_the_United_States.
- Secured_transactions_in_the_United_States wikiPageWikiLink Category:United_States_law.
- Secured_transactions_in_the_United_States wikiPageWikiLink Chattel.
- Secured_transactions_in_the_United_States wikiPageWikiLink Civil_law_(legal_system).
- Secured_transactions_in_the_United_States wikiPageWikiLink Common_law.
- Secured_transactions_in_the_United_States wikiPageWikiLink Continental_Europe.
- Secured_transactions_in_the_United_States wikiPageWikiLink Debtor.
- Secured_transactions_in_the_United_States wikiPageWikiLink Economy.
- Secured_transactions_in_the_United_States wikiPageWikiLink Estate_(law).
- Secured_transactions_in_the_United_States wikiPageWikiLink Financial_capital.
- Secured_transactions_in_the_United_States wikiPageWikiLink Financial_institution.
- Secured_transactions_in_the_United_States wikiPageWikiLink Fixture_(property_law).
- Secured_transactions_in_the_United_States wikiPageWikiLink Fraudulent_conveyance.
- Secured_transactions_in_the_United_States wikiPageWikiLink Grant_Gilmore.
- Secured_transactions_in_the_United_States wikiPageWikiLink Interest_rate.
- Secured_transactions_in_the_United_States wikiPageWikiLink Law.
- Secured_transactions_in_the_United_States wikiPageWikiLink Line_of_credit.
- Secured_transactions_in_the_United_States wikiPageWikiLink Louisiana.
- Secured_transactions_in_the_United_States wikiPageWikiLink Personal_property.
- Secured_transactions_in_the_United_States wikiPageWikiLink Security_interest.
- Secured_transactions_in_the_United_States wikiPageWikiLink U.S._state.
- Secured_transactions_in_the_United_States wikiPageWikiLink Uniform_Commercial_Code.
- Secured_transactions_in_the_United_States wikiPageWikiLink United_States.
- Secured_transactions_in_the_United_States wikiPageWikiLink Warehouse_line_of_credit.
- Secured_transactions_in_the_United_States wikiPageWikiLinkText "Article 9".
- Secured_transactions_in_the_United_States wikiPageWikiLinkText "Secured Transactions".
- Secured_transactions_in_the_United_States wikiPageWikiLinkText "Secured transactions in the United States".
- Secured_transactions_in_the_United_States wikiPageWikiLinkText "secured transactions".
- Secured_transactions_in_the_United_States hasPhotoCollection Secured_transactions_in_the_United_States.
- Secured_transactions_in_the_United_States wikiPageUsesTemplate Template:Note.
- Secured_transactions_in_the_United_States wikiPageUsesTemplate Template:Ref.
- Secured_transactions_in_the_United_States wikiPageUsesTemplate Template:Reflist.
- Secured_transactions_in_the_United_States subject Category:United_States_law.
- Secured_transactions_in_the_United_States hypernym Part.
- Secured_transactions_in_the_United_States comment "Secured transactions in the United States are an important part of the law and economy of the country. By enabling lenders to take a security interest in collateral (that is, the assets of debtors), the law of secured transactions provides lenders with assurance of legal relief in case of default by the borrower.".
- Secured_transactions_in_the_United_States label "Secured transactions in the United States".
- Secured_transactions_in_the_United_States sameAs Q16933874.
- Secured_transactions_in_the_United_States sameAs Q16933874.
- Secured_transactions_in_the_United_States wasDerivedFrom Secured_transactions_in_the_United_States?oldid=585863908.
- Secured_transactions_in_the_United_States isPrimaryTopicOf Secured_transactions_in_the_United_States.