What is an account under the UCC?
(2) “Account”, except as used in “account for”, means a right to payment of a monetary obligation, whether or not earned by performance, (i) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered, (iii) for a policy of insurance …
What does Article 2 of the Uniform Commercial Code apply to?
UCC Article 2 applies to the sale of goods between merchants or between a merchant and a non-merchant. As such, merchants are required to follow certain standards of conduct when engaging in a business or commercial contract. Transactions between non-merchants are not covered by Article 2 UCC.
What is a merchant as defined under Article 2 of the UCC?
Section 2-104(1) of the UCC defines a merchant as one “who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction.” A phrase that recurs throughout Article 2—“between merchants”—refers to any transaction in …
What specifically does Article 2 of the UCC regulate what does it not regulate?
Article 2: Sales: UCC Article 2 applies to transactions in goods; it does not apply to any transaction which although in the form of an unconditional contract to sell or present sale is intended to operate only as a security transaction nor does this Article impair or repeal any statute regulating sales to consumers.
What is an account secured transactions?
A lien that is expanded to cover any additional property that is acquired by the debtor while the debt is outstanding. The process by which a security interest becomes enforceable against the debtor with respect to the collateral. The delivery of goods to a creditor as security for the debt.
What is a basic securities account?
A securities account sometimes known as a brokerage account is an account that holds financial assets such as securities on behalf of an investor with a bank, broker or custodian. Investors and traders typically have a securities account with the broker or bank they use to buy and sell securities.
What does Article 2 of the Uniform Commercial Code UCC govern quizlet?
Article 2 of the UCC governs contracts for the sale of goods.
Does UCC Article 2 only apply to merchants?
The UCC defines a “merchant” in Section 2104 as “a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed.” While the UCC includes certain …
Which of the following contracts would be governed by Article 2 of the UCC?
Article 2 applies to contracts for the sale of goods. [2] Goods are things that can be identified when the contract is formed and can be moved. [3] Pens, boats, computers, cars and animals are all “goods.” In contrast, real estate, services, and intangibles (such as intellectual property) are not “goods.”
What are unsecured transactions?
Key Takeaways. Unsecured debt has no collateral backing. Lenders issue funds in an unsecured loan based solely on the borrower’s creditworthiness and promise to repay. Secured debts are those for which the borrower puts up some asset as surety or collateral for the loan.
Which article of the UCC governs secured transactions?
Article 9 is an article under the Uniform Commercial Code (UCC) that governs secured transactions, or those transactions that pair a debt with the creditor’s interest in the secured property.
What are the 3 types of investment accounts?
There are three main types of investments: Stocks. Bonds. Cash equivalent….Examples include:
- Savings accounts.
- Money market accounts.
- Certificates of deposit (CDs)