The Uniform Commercial Code excludes money from its definition of goods. As a consequence, a perfected security

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The Uniform Commercial Code excludes “money” from its definition of goods. As a consequence, a perfected security interest cannot be obtained in money merely by the creditor’s taking possession of it. Midas Coin Company transferred possession of some rare U.S. coins to the St. John’s Community Bank as security for a loan. Did the bank have a perfected security interest? (In re Midas Coin Co., 264 F. Supp. 193)

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