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Credit Trans Notes

Credit Trans Notes

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Published by Margeon Caminade

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Published by: Margeon Caminade on Jan 08, 2012
Copyright:Attribution Non-commercial

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01/08/2012

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MEANING AND SCOPE OF CREDIT TRANSACTIONSCredit transactions include all transactions involving the purchaseor loanof goods, services, or moneyin the present with a promise to pay or deliver in the future.TWO TYPES OF CREDIT TRANSACTIONS/ CONTRACTS OFSECURITY1.Secured transactions or contracts of realsecurity ± supported by acollateralor anencumbrance of property2.Unsecured transactions or contracts of  personal security ± fulfillment by the debtor issupported only by a promise to payor the personal commitmentof another EXAMPLES OF CREDIT TRANSACTIONS1.Bailment contracts2.Contracts of guaranty andsuretyship3.Mortgage4.Antichresis5.Concurrence and preference ocredits
MEANING OF SECURITYSecurity (def).Something given, deposited, or serving as ameans to ensure the fulfillment or enforcement of an obligationor of  protecting some interest in property.KINDS OF SECURITY1.Personal Security -whenan individual becomes a surety or a guarantor 2.Property or Real Security ± whena mortgage, pledge, antichresis, charge, or lienorother device used to have property held, out of which the person to be made secure can becompensated for loss.

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