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Chapter 7. For a purchase money security interest to exist, is the creditor required to inform me of the "security interest "?

Nashville, TN |

I have a GE Capital Retail Bank Credit Card Account which states that the Agreement is between GE Capital Retail Bank and me.
Electronic Express' name is on the card which can only be used for purchases at Electronic Express.
There is no mention of "security interest" or "UCC" on any documents or agreements.

Attorney Answers 3


  1. Best answer

    In order for there to be a purchase money security interest granted to a creditor, you would have to agree. It may have been buried in the documents you signed to obtain the card, but you must agree.

    If you did not agree the debt is unsecured.

    This answer does not constitute legal advice nor form an attorney client relationship. I am not your lawyer. If you have a legal issue in Tennessee you may contact me for a free consult.


  2. You would have needed to agree to the security interest. There's a good chance you did "agree" when you signed the application for the credit. If you read through that carefully you will likely find the security interest mentioned, which is often the case for credit received through electronics and furniture stores.


  3. Interesting. This sounds like a department store card, such as Sears credit card. Check the fine print on the contract you signed. It probaby allows purchase money security interest on all the items you buy at Electronic Express. BTW, I never heard of Electronic Express. Must be a southern chain of stores. Given that it sounds like they only sell electronics, you could rack up a lot of charges on your card with just one visit so I'm not surprised that the agreement would have purchase money language in it. Be careful how much you use this card. Good luck.

    Be sure to designate "best answer." If you live in Oregon, you may call me for more detailed advice, 503-650-9662. Please be aware that each answer on this website is based upon the facts, or lack thereof, provided in the question. To be sure you get complete and comprehensive answers, based upon the totality of your situation, contact a local attorney who specializes in the area of law that involves your legal problem. Diane L. Gruber has been practicing law in Oregon for 26 years, specializing in family law, bankruptcy, estate planning and probate. Note: Diane L. Gruber does not represent you until a written fee agreement has been signed by you and Diane L. Gruber, and the fee listed in the agreement has been paid.

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