Home -> Law Blog Directory -> Law Students Blogs -> [ Useless Dicta ]

Law Students

: [ Useless Dicta ]

Secured Transactions for Dummies

After a totally gruelling day of PMBR (which I'm not entirely convinced was worth it, but I guess it's always good to have your butt kicked by hard questions so you don't get complacent) I decided that I had to buckle down and spend some quality time with Secured Transactions. I'm not a business person. I don't like numbers and the only money I like is the kind that buys shiny happy things that I don't have to worry about once I have spent it. Needless to say Secured Transactions is Latin to me. After beating my head against the wall for a solid 2 hours trying to wrap my head around the subject Big Wig saved the day with this summation of the subject:

Secured transactions boils down to this: Bubba wants to buy shiny car. Bubba has no money. Bank agrees to give Bubba money to get shiny car. To make sure that Bubba pays Bank back the Bank gets to say that if Bubba doesn't pay Bank gets to take away the shiny car. Basically it's the law of making sure people pay you back or else you get their shit. Plain and simple.

If only I could just write that as my explanation for a secured transactions essay on the barzam and pass. *Sigh*

Full post as published by [ Useless Dicta ] on July 15, 2009 (boomark / email).