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ARTICLE 7, GROUP 3 [i] (TENTATIVE DRAFT 1, [1948])

handle is hein.ali/alicc0046 and id is 1 raw text is: A~I   VII --SECURE    COM4ERCIA TRNSACTIONS

CHAPTER I. -.CONSUM  LIENS
Sections                          Titl_._n
'1     Scope of Chapter I.                                      1
2      Consumer Lien; Lien; Borrower; Financer.         1
3      Good Faith; Value; New Value.                     2
4      Creditor; Purchase; Person; Perfect a Lien;
Lien Creditor.                                         2-3
5      General Validity; Certain Clauses Invalid.               3
6      Formal Requisites.                                      3-4
7      Effect of Consumer Lien on Third Parties; Necessity
of Filing; Purchaser for Value; Lien Creditor.       4-5
8      Place of Filing.                                         5
9      Motor Vehicles, Aircraft and Watercraft.                 5-6
10      Duration of Filing; Renewal of Filing.                   6
11      Fixtures.                                                6-7-8
12      Removal of Goods Into and About the State.               8
13      Liens in Course of Business Good Against the Financer.   9
RIGHTS AND DUTIES OF BORROWER AND FINANCER
14      Impairment of Security and Destruction of Goods.         9
15      Restrictions on Removal and Sale by Mortgagor.          10
16      Judicial Levy on Borrower's Interest.                   10-11
17      Breach of Warranty.                                     11
18      Assignment of Mortgage.                                 11
19      Effect of Assignment on Borrower.                       11-12
RIGHTS AND DUTIES ON DEFAULT
20      Financer's Right to Possession.                         12
21      Financer's Rights and Elections on Default.             13
22      Borrowerts Rights on Default.                           13-14
23      Notice Barring Reinstatement or Discharge.              14-15
24      Redemption Period.                                      15
25      Sale Procedure.,                                        16
26      Proceeds of Sale.                                       16-17
27      Deficiency on Sale.                                     17
28      Rights of Parties Where no Resale.                      18
29      Foreclosure by Suit.                                    18
30      Old Purchases as Additional Security for New.           18
31      Lay-Away or Deposit Plans.                              19
32      Accessions, Spare Parts and Accessories.                19-20
(Draft for discussion at the meeting of Reportorial
Group 3, Association of the Bar of the City of New
York, July 26, 27 and 28, 1948.)

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