Examlex
Which of the following contract subject matters would not be covered under the UCC?
Disposition
The act of transferring or disposing of an asset or property, or the manner in which someone is inclined to behave or feel.
Collateral
Assets pledged by a borrower to secure a loan or other credit, which the lender can seize if the borrower defaults.
PMSI
Purchase Money Security Interest, a legal claim that allows a lender to repossess or foreclose on property if the borrower defaults, specifically when the loan was used to purchase the property.
Priority Rule
A principle in law that determines the precedence of claims, rights, or interests in order to resolve conflicts between parties.
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