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

Asked over 1 year ago - 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. Jon Daniel Long

    Contributor Level 12

    2

    Lawyers agree

    Best Answer
    chosen by asker

    Answered . 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... more
  2. Susan Schmeidler Blum

    Pro

    Contributor Level 11

    2

    Lawyers agree

    1

    Answered . 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. Diane L Gruber

    Pro

    Contributor Level 18

    2

    Lawyers agree

    1

    Answered . 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.... more

Can't find what you're looking for? Ask a Lawyer

Get free answers from experienced attorneys.

 

Ask now

28,905 answers this week

3,019 attorneys answering

Ask a Lawyer

Get answers from top-rated lawyers.

  • It's FREE
  • It's easy
  • It's anonymous

28,905 answers this week

3,019 attorneys answering