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

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

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

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

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

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.

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

A purchase-money security interest (PMSI) in consumer goods is perfected automatically at the time the PMSI is created.

A surety is primarily liable for the debt of a principal.

When consumer goods are involved, a termination statement must be filed within a month after the debt is paid.​