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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.)