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A defense that can only be asserted by the principal debtor is called a defense.


A) real
B) subrogated
C) personal
D) joint

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A perfected security interest has priority over:


A) only an unperfected security interest.
B) only a lien creditor who acquires a lien after perfection.
C) a previously filed security interest.
D) both an inperfected security interest and a lien creditor who acquires a lien after perfection.

Correct Answer

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Inventory includes:


A) goods held for sale or lease.
B) farm products.
C) equipment.
D) intangible products.

Correct Answer

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If the principal debtor defaults, the surety has rights against the principal debtor, third parties, and cosureties.These rights would include:


A) exoneration.
B) reimbursement.
C) subrogation.
D) All of these.

Correct Answer

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If a security interest has attached, it is enforceable against the debtor.

Correct Answer

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A debtor must sign a written security agreement for a pledge used to secure a loan.

Correct Answer

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