Question 1

Explain the difference between attachment and perfection.

Accepted Answer

A security interest has to attach to the...

Question 2

Which of the following is correct concerning termination statements?

Accepted Answer

A)  A secured party must file a termination statement when consumer goods are involved and the debtor has paid for them.
B)  The termination statement clears the debtor's public record with regard to old, irrelevant financing statements so that the same collateral can be used again to secure a future loan.
C)  The secured party must file a termination statement within 20 days of a consumer debtor's demand, provided the debtor has paid the full debt.
D)  All of the above are correct concerning termination statements.

Question 3

In the case In Re CFLC,Inc.,the court ruled that Expeditors had a security interest in Everex's goods.

Accepted Answer

A) True 
 B)False

Question 4

In the case Citizens Bank of Americus v.Federal Financial Services,Inc.the court ruled that:

Accepted Answer

A)  Federal Financial had a perfected security interest which took priority.
B)  Citizens Bank's security interest took priority as Federal Financial's interest had not been perfected.
C)  Federal Financial's interest was a valid PMSI and took priority.
D)  PMSIs may never take priority over earlier perfected interests.

Question 5

To perfect a security interest in a negotiable instrument,Second State Savings and Loan should:

Accepted Answer

A)  file a financing statement.
B)  take possession of the instrument.
C)  do nothing.Perfection is automatic.
D)  secure a court order.

Question 6

Which of the following may not be used as collateral within the scope of UCC Article 9?

Accepted Answer

A)  Certificates of deposit.
B)  Accounts receivable.
C)  Goodwill.
D)  A 250-acre farm.

Exam 25: Secured Transactions

Explain the difference between attachment and perfection.

Correct Answer
verified
A security interest has to attach to the...
View Answer

To perfect a security interest in a negotiable instrument,Second State Savings and Loan should:

Correct Answer
verified

Which of the following is correct concerning termination statements?

Correct Answer
verified

Which of the following may not be used as collateral within the scope of UCC Article 9?

Correct Answer
verified

In the case In Re CFLC,Inc.,the court ruled that Expeditors had a security interest in Everex's goods.

Correct Answer
verified

In the case Citizens Bank of Americus v.Federal Financial Services,Inc.the court ruled that:

Correct Answer
verified

Exam 25: Secured Transactions

Explain the difference between attachment and perfection.

Correct AnswerverifiedA security interest has to attach to the...View AnswerShow Answer

To perfect a security interest in a negotiable instrument,Second State Savings and Loan should:

Correct AnswerverifiedShow Answer

Which of the following is correct concerning termination statements?

Correct AnswerverifiedShow Answer

Which of the following may not be used as collateral within the scope of UCC Article 9?

Correct AnswerverifiedShow Answer

In the case In Re CFLC,Inc.,the court ruled that Expeditors had a security interest in Everex's goods.

Correct AnswerverifiedShow Answer

In the case Citizens Bank of Americus v.Federal Financial Services,Inc.the court ruled that:

Correct AnswerverifiedShow Answer

Correct Answer
verified
A security interest has to attach to the...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified