Collateral class
The category chosen on the register to describe the collateral.
Classes include motor vehicles, watercraft, aircraft, agriculture, other goods, financial property, intangible property, and all present and after-acquired property. A supplier of goods on credit usually registers under Other goods; a hire company registers vehicles by VIN and other equipment under Other goods.
Related terms
- Collateral — The personal property the security interest is over.
- All present and after-acquired property (AllPAAP) — A collateral class covering everything the grantor owns now or later; the class a bank uses for a general security deed.
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