Exam 27: Secured Transactions

When a buyer obtains a loan from a bank to pay a seller,the transaction is known as a(n)________.

A ________ is 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 is considered intangible personal property?

What is a deficiency judgment? Explain,and provide some examples.

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

The property in which a security interest is taken is called collateral.

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

Perfection of a security interest establishes the right of a secured creditor against other creditors who claim an interest in the collateral.

A business purchases an airplane from an airplane manufacturer.The business obtains a loan to purchase the airplane from a bank,which obtains a security interest in the airplane.The airplane manufacturer is paid for the airplane out of the proceeds of the loan.This is a(n)________ transaction.

Which of the following is a default?

Explain the priority of claims for secured and unsecured transactions.

What is repossession?

A property in which a security interest is taken is called ________.

An artisan's lien is a statutory lien given to workers who furnish services or materials on or for personal property in the ordinary course of business.

A(n)________ is a situation in which a creditor has an enforceable security interest against a debtor and can satisfy the debt out of the designated collateral.

Which article of the Uniform Commercial Code governs secured transactions in personal property?

Security interest is the rate of interest per annum which is entitled to the party that secures payment or performance of an obligation.

In a three-party secured transaction,the party that purchases the goods or services is known as the buyer-secured creditor.

In secured credit,the creditor cannot recover the collateral despite the debtor's defaults on the loan.

Marcia buys a $3,000 high-definition plasma television for her home on credit extended by the seller,Current City.Current City requires Marcia to sign a security agreement.Current City has a ________ interest in the television that is automatically perfected at the time of the credit sale.