A manufactured-home transaction refers to a secured transaction that creates a security interest in a manufactured home. This type of transaction involves using the manufactured home as primary collateral. However, it's important to note that a security interest does not attach to a manufactured home if it is classified as inventory.
This term is commonly used in the context of secured transactions under the Uniform Commercial Code (UCC). It primarily falls within the realm of commercial law, particularly in transactions involving personal property. Users may encounter this term when dealing with financing options for manufactured homes, such as loans or leases. Accessing legal forms related to manufactured-home transactions can help individuals navigate these processes effectively.
Here are a couple of examples of abatement:
Example 1: A buyer purchases a manufactured home and takes out a loan to finance the purchase. The lender creates a security interest in the home, which serves as collateral for the loan.
Example 2: A manufactured home dealer sells a home to a customer and finances the sale. The dealer retains a security interest in the home until the customer pays off the loan. (hypothetical example)
According to U.C.C. § 9-102 (54), a manufactured-home transaction is defined as a secured transaction that either creates a purchase-money security interest in a manufactured home or uses a manufactured home as primary collateral, provided it is not held as inventory.
| State | Key Differences |
|---|---|
| California | Specific regulations may apply to the registration of manufactured homes as personal property. |
| Texas | Different laws govern the titling and registration of manufactured homes. |
| Florida | Unique requirements exist for the sale and financing of manufactured homes. |
This is not a complete list. State laws vary, and users should consult local rules for specific guidance.
| Term | Definition | Key Differences |
|---|---|---|
| Secured Transaction | A transaction in which a borrower provides collateral to secure a loan. | Manufactured-home transactions specifically involve manufactured homes as collateral. |
| Purchase-Money Security Interest | A security interest that enables a lender to claim the collateral purchased with the loan. | This is a specific type of secured transaction relevant to manufactured homes. |
If you are considering a manufactured-home transaction, it is advisable to understand the financing options available to you. You may wish to consult a legal professional for complex matters or explore US Legal Forms for templates that can assist you in preparing necessary documents.
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It is a secured transaction that creates a security interest in a manufactured home used as collateral.