Faith owns a copyright in a book she recently wrote. She applies for a $10,000 loan through Cumberland Bank and wants to use the copyright as collateral. Explain if and how the bank can perfect a security interest in such collateral
A copyright is a part of a residual category of collateral called "general intangibles" under Article 9 of the UCC. Cumberland Bank could perfect a security interest in the copyright if the bank chooses to accept the copyright as collateral. Although there are several ways for a secured party to perfect a security interest, filing a financing statement is the only way to perfect an interest in general intangibles. The financing statement must give the names of all parties and reasonably describe the collateral. The bank must file the statement in the state of Faith's principal residence.
You might also like to view...
In actions for malicious prosecution and for wrongful use of civil proceedings, a plaintiff must show that the:
A. suit was brought with probable cause. B. suit was brought for an improper purpose. C. wrongfully brought suit did not terminate in his favor. D. wrongfully brought suit terminated in the defendant's favor.
The entry that includes a debit to Payroll Taxes and Benefits Expense would also include credits to Social Security Tax Payable and Medicare Tax Payable
Indicate whether the statement is true or false
Which sentence expresses numbers correctly?
A) The planning meeting scheduled for November 1st has been postponed. B) The planning meeting scheduled for November first has been postponed. C) The planning meeting scheduled for ?November 1 has been postponed.
An arm's-length transaction is one in which the parties owe each other special duties
Indicate whether the statement is true or false