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Froogle 1.1.1.7
Froogled By:
Elias Makere, FSA, MAAA
Last Froogled:

CONSUMER GOODS

goods that are used (or bought) for [primarily] personal/familial/household purposes. “Consumer goods” is one of four categories of goods distinguished by the Uniform Commercial Code. The classifications are important for such purposes as determining:
(i) the rights of persons who buy goods [subject to a security interest];

(ii) the rights after a default; and

(iii) the rights among those with conflicting security interests in the same collateral.
Thus, consumer goods are to be distinguished from:
(a) EQUIPMENT (which are goods used/bought for [primarily] business reasons);

(b) FARM PRODUCTS (which are goods possessed for [primarily] farming reasons); such as:
a. crops;

b. livestock [in their unmanufactured state];

c. or supplies
(c) INVENTORY (which are goods held for sale)
Thus, the classification of goods is determined by its primary use.
Congratulations! You're now Froogled Up™ on what "Consumer Goods" means!

Feel free to use it throughout your financial/insurance life.

Sincerely,



www.FroogleMe.com
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