Question 1

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. 
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 2

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. 
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 3

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

Question 4

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

Question 5

Explain the difference between attachment and perfection.

Accepted Answer

A security interest has to attach to the

Question 6

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

Which of the following is correct concerning termination statements?

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

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

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

Explain the difference between attachment and perfection.

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

Introduction to Law

Business Ethics and Social Responsibility

Dispute Resolution

Common Law, statutory Law, and Administrative Law

Constitutional Law

Torts

Crime

International Law

Introduction to Contracts

Agreement

Consideration

Legality

Capacity and Consent

Written Contracts

Third Parties

Performance and Discharge

Remedies

Introduction to Sales

Ownership and Risk

Warranties and Product Liability

Performance and Remedies

Creating a Negotiable Instrument

Liability for Negotiable Instruments

Liability for Negotiable Instruments: Banks and Their Customers

Bankruptcy

Agency

Employment Law

Starting a Business: Llcs and Other Options

Corporations

Securities Regulation

Property

Cyberlaw

Intellectual Property

Filters

Exam 25: Secured Transactions

Which of the following is correct concerning termination statements?

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

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

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

Explain the difference between attachment and perfection.

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

Introduction to Law

Business Ethics and Social Responsibility

Dispute Resolution

Common Law, statutory Law, and Administrative Law

Constitutional Law

Torts

Crime

International Law

Introduction to Contracts

Agreement

Consideration

Legality

Capacity and Consent

Written Contracts

Third Parties

Performance and Discharge

Remedies

Introduction to Sales

Ownership and Risk

Warranties and Product Liability

Performance and Remedies

Creating a Negotiable Instrument

Liability for Negotiable Instruments

Liability for Negotiable Instruments: Banks and Their Customers

Bankruptcy

Agency

Employment Law

Starting a Business: Llcs and Other Options

Corporations

Securities Regulation

Property

Cyberlaw

Intellectual Property

Filters