Secured transactions

https://www.law.cornell.edu/wex/secured_transactions

Secured Transaction Law: an overview

A security interest arises when, in exchange for a loan, a borrower agrees in a security agreement that the lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. A security interest also provides the secured party with the assurance that if the debtor bankrupts, he or she may be able to recover the value of the loan by taking possession of specified collateral instead of receiving only a portion of the borrower’s property after it is divided among all creditors. See Bankruptcy.

Security agreements are contracts. Article 9 of the Uniform Commercial Code governs security interests in personal property. It has been adopted, with some modifications, by every state. A security agreement must comply with other state laws governing contracts. See Contracts.

Article 9 of the Uniform Commercial Code covers most types of security agreements for personal property that are both consensual and commercial. See § 9-102(2) and § 9-104 of the code. This includes fixtures, personal property that is “fixed” to real property such as a water heater. Statutory liens (e.g. a mechanic’s lien) are generally not governed by Article 9 but by the individual statute that creates them.

See §§ 9-102(2) & 9-310 of the code. Article 9 contains a statute of frauds which requires a security agreement to be in writing unless it is pledged. See § 9-203(1) of the code. A pledged security agreement arises when the borrower transfers the collateral to the lender in exchange for a loan (e.g., a pawnbroker). The “perfection” of a security agreement allows a secured party to gain priority to the collateral over any third party. To perfect a security agreement, the filing of a public notice is usually required. See §§ 9-302 – 9-305 of the code.

Article 9 also provides for the resolution of conflicts if there are multiple security interests or liens on specific collateral. See §§ 9-310 – 9-316 of the code. Part 5 of Article 9 deals with the procedures to be followed when a borrower defaults. See §§ 9-501 – 9-507 of the code.

Currency: Amaru-B’alam

The Amaru-B’alam shall also be backed by all land rights, all mineral rights, all water lights and ,.~t)air, sky and space rights, and ~utomatic third party beneficiary rights in equity to every contract, arrang~)Tient or agreement made; whether public or private, that takes place upon my estate lands, due to non-compens·~tion for the use of my lands, raw materials and natural resources; i.e. corporeal and incorporeal hereditam~~ entitled to me. Those trust assets curr-ently measured in the United States Dollar shall be converted to the ~iii~tru-B’alam, only to be issued in the Amaru-B’alam with the United States Dollar equivalent given.

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vicegerent

noun

1.  a person exercising delegated power on behalf of a sovereign or ruler.

vicegerent (n.)

1530s, from Medieval Latin vicegerentem (nominative vicegerens), from Latin vicem, accusative of vicus “stead, place, office,” (see vicarious) + gerens, present participle of gerere “to carry” (see gest). From 1570s as an adjective.

Counties were created as part of the treaty between Great Britain and Morocco

county (n.)

mid-14c., “a shire, a definite division of a country or state for political and administrative purposes,” from Anglo-French counte, from Late Latin comitatus “jurisdiction of a count,” from Latin comes (see count (n.1)). It replaced Old English scir “shire.”

From late 14c. as “the domain of a count or earl.” County palatine, one distinguished by special privileges (Lancaster, Chester, Durham) is from mid-15c. County seat “seat of the government of a county” is by 1848, American English.


shire (n.)

Old English scir “administrative office, jurisdiction, stewardship, authority,” also in particular use “district, province, country,” from Proto-Germanic *skizo (source also of Old High German scira “care, official charge”). Ousted since 14c. by Anglo-French county. The gentrified sense is from The Shires (1796), used by people in other parts of England of those counties that end in -shire; sense transferred to “hunting country of the Midlands” (1860).

parcel (n.)

late 14c., “a portion or part of something” (a sense preserved in the verb and in the phrase parcel of land, which is from c. 1400), from Old French parcele “small piece, particle, parcel,” and directly from Medieval Latin parcella, from Vulgar Latin *particella, extended form (via a diminutive suffix, but not necessarily implying smallness) of Latin particula “small part, little bit,” itself a diminutive of pars (genitive partis) “a part, piece, fraction” (from PIE root *pere- (2) “to grant, allot”).

Meaning “a package” is recorded from 1640s from the earlier sense of “a quantity of goods in a package” (mid-15c.), which is from the late 14c. sense of “an amount or quantity of anything.” The expression part and parcel (early 15c.) also preserves the older sense; both words mean the same, the multiplicity is for emphasis. In some old and technical senses, parcel is used as an adjective or adverb meaning “in part, partially, to some degree.” Parcel post as a service to deliver packages (later a branch of the postal service) is by 1790.