Exam 27: Secured Transactions and E-Filing

________ is a process that establishes the right of a secured creditor against other creditors who claim an interest in the collateral.

A(n)________ has an ownership or other interest in the collateral and owes payment of a secured obligation.

Accessions are pieces of individual property or goods that are not united with any other property.

The term ________ refers to a secured creditor's repossession of collateral upon a debtor's default and selling, leasing, or otherwise disposing of it in a commercially reasonable manner.

Which of the following is true of disposition of collateral?

A two-party secured transaction occurs when a seller sells goods to a buyer on credit and retains a security interest in the goods.

Only one continuation statement can be filed for a financing statement.

________ is a situation in which a creditor agrees to extend credit only if the purchaser pledges some personal property as collateral for the loan.

Which of the following is considered intangible personal property?

John buys a new car with the help of a loan.He permits the creditor to take possession of the car if he cannot repay the loan in time.Here, the car is the ________.

A secured creditor must ________ the collateral if he or she receives a written objection to the proposal from a person entitled to receive notice within 20 days after the notice was sent.

Perfection by investment of collateral is one of the methods of perfecting a security interest under the UCC.

A ________ is a written document signed by a debtor that creates a security interest in personal property.

What is a secured transaction?

A(n)________ refers to a document filed by a secured creditor with the appropriate government office that constructively notifies the world of his or her security interest in personal property.

Which of the following terms refers to goods that are physically united with other goods such that the identity of the original goods is not lost?

Purchase money security interest is an interest a creditor automatically obtains when he or she extends credit to a consumer to purchase consumer goods.

After-acquired property is property obtained by the creditor after a security agreement has been executed.

Which of the following transactions occurs when a seller sells goods to a buyer on credit and retains a security interest in the goods?

Intangible personal properties cannot be used as collateral to a security agreement.