Collateral Exclusion Agreement

The definition of a deposit account is more important in the new section 9 than under Section 9, because, as shown in Chapter 4 (Article 9), the new Article 9 includes the security shares on deposit accounts as initial security, with the exception of a consumer transaction, whereas the old Article 9 covered the guarantees on deposit accounts only as a product. In addition, an interest in revenue can only be perfected for a limited period of time. If the security is likely to change the forms, the improvement of the interest rate of the real estate value may expire, unless the security description contains subsequent forms of security (for example. B “receivables” from inventory sales) as initial collateral. For example, a clause may accidentally commit it to a given site. In Re Sterling United, Inc., the court considered a financing statement that relates to “all of the debtor`s assets, including, but not only, all equipment, devices, [etc. . . and are established in or in connection with the operation of the premises under [the debtor`s business address].” 9 When the debtor changed address prior to the declaration of insolvency, the liquidator denounced the financing statement as “seriously misleading” and argued that the language relating to the specific location of the business incriminated the description of “all assets”.

The court characterized the funding statement as “unnecessarily confusing” because a simple description of “all of the debtor`s assets” would have sufficed.10 1. Descriptions by warranty type are prohibited for specific types in the 9-108 (e). An important complement to the definition of goods under the new section 9-102 (a) (a), a computer program represents a commodity if the program is integrated into a computer in such a way that it is generally considered to be part of the goods, or when a person acquires the right to use the program by connecting to the computer by taking over the computer. The definition of goods in the new section 9-102 (a) (44) expressly excludes goods and quasi-products and minerals prior to extraction (which are not considered “extracted security” under the new section 9-102 (a) (6)) ]. UCC 9-108, Suffficiency of Description, requires a security agreement to “reasonably identify” the security. Examples of reasonable identification of guarantees are: a guarantee contract is a contract by which the parties to one contract enter into another contract or promise to enter into another contract. The two treaties are therefore linked and can be applied, even if they are not a constructive part of the original treaty. [2] In JJ Savage and Sons Pty Ltd v. Blakney, a mere expression of opinion was not deemed sufficient to be kept as a promise.