COLLATERAL

Property subject of a security agreement under Article IX of the UCC.

 

 

EXPRESS WARRANTY

A guarantee created by words or conduct of the seller.

 

 

FINANCING STATEMENT

Document filed in government office to protect a security interest under Article IX of the UCC.

 

 

SECURED TRANSACTION

Any transaction, regardless of form, that intends to create a security interest in personal property or fixtures.

 

 

SHIPMENT CONTRACT

Agreement whereby risk passes from seller to buyer when goods are transported by a third person under Article II of the UCC.

 

 

UNIFORM COMMERCIAL CODE (UCC)

Statutory enactment codifying certain areas of contract law, specifically with respect to sales contracts and security agreements.

 

 

WARRANTY

Guarantee made by the manufacturer or seller with respect to the quality, quantity, and type of good being sold.