Exam 33: Secured Transactions in Personal Property

The perfection obtained by filing a financing statement lasts for __________.

When a state statute requires a security interest in a motor vehicle to be noted on the certificate of title,the security interest is perfected:

In most states,__________ provides that a security interest in a non-inventory motor vehicle must be noted on the vehicle title registration.

Electronic chattel paper is a record of a right to payment or property that is stored in an electronic medium.

A debtor must have rights in the collateral for a security interest to attach.

Self-help repossession of collateral upon a buyer's default is contrary to public policy and is never allowed.

Consumer goods are classified into different categories based on the physical characteristics of the goods.

What is the purpose of a financing statement?

If a breach of the peace might occur:

In a secured transaction,the person to whom the money is owed is secured party and the buyer is the debtor.

Creditors receive an automatic 30-day temporary perfection in negotiable instruments taken as collateral.

When the filing of a financing statement is defective: ______.

Security agreements allow for "blanket" descriptions of collateral that do not provide specific details on the specific type of collateral involved.

A debtor may redeem collateral from the secured party at any time prior to sale or disposal by paying all legal costs and expenses incurred by the secured party.

Generally,a secured creditor who has repossessed collateral may retain the collateral and cancel the debt.

When there are two perfected secured creditors in the same collateral: ______.

A financing statement must provide all of the following except: _______.

Under Revised UCC Article 9,a financing statement must be signed by the debtor.

The concept of perfection: ______.:

An after-acquired property clause in a consumer security agreement means that a creditor has a lien in the shifting stock of goods of the debtor.