Exam 33: Secured Transactions in Personal Property

Property that is subject to a security interest is called collateral.

All of the following are elements of attachment except: ______.

A security interest needs to be perfected, regardless of whether there are competing claims for the collateral.

Javier buys a 3D TV and a DVR from West Coast Sales. West Coast agrees to lend him 90 percent of the purchase price. Their agreement is known as a(n): ______.

If the collateral is in the possession of the creditor: ______.

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

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

A(n) __________ statement is a document, which may be requested by a paid-up debtor, stating that a security interest is no longer claimed under the specified financing statement.

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

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

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:

Whatever is received upon the sale, exchange, collection or other disposition of collateral is known as: ______.

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