Personal property that is most often exempt from satisfaction of judgment debts does not include equipment that the debtor uses in a business or trade.

Brass & Woodwind Instruments, Inc., allows Clifton to keep a professional clarinet that he bought from Brass & Woodwind even though he has not paid the full price. Brass & Woodwind’s legally sufficient financing statement in the goods need not include​

A bankruptcy estate consists of all the debtor’s interests in property currently held, wherever located.

Whatever a secured party obtains on a sale of collateral is all that he or she can collect on the debt.

A security interest that provides for a security interest in collateral subject to future advances is a floating lien.

Quarry Equipment Corporation and Rock & Gravel Inc. enter into a lease of three bulldozers. Under the perfect tender rule, Quarry must ship or tender goods to Rock & Gravel that, with respect to the contract description, conform

Most of the customers in any business are buyers in the ordinary course of business.​

Liquidated debts are debts that are indefinite, or not fixed, in amount.

The United Nations Convention on Contracts for the International Sale of Goods (CISG) is the uniform international sales law of countries that account for more than two-thirds of all global trade.

The concept of a floating lien applies to a constantly changing inventory.