Exam 25: Security Interests and Creditors Rights

Explore all topics

Quotient Financial Corporation is a secured party with a security inter-est in property owned by Retail Sales Company. Perfection of this secu-rity in-ter-est may not protect Quotient Financial against the claim of

(Multiple Choice)

4.7/5

(38)

Question 61

Custom Cabinets & Carpentry Company has a claim against Duane's property to satisfy a debt that takes priority over other claims against the same property. This is

(Multiple Choice)

4.9/5

(41)

Question 62

A purchase-money security interest in consumer goods is created when a person buys goods on credit.

(True/False)

4.9/5

(48)

Question 63

A security interest is enforceable only if the debtor has title to the collateral.

(True/False)

4.9/5

(44)

Question 64

Consumer Credit,Inc. (CCI),lends $1,000 to Joe. Kay acts as Joe's surety. If Kay pays the loan,she gets

(Multiple Choice)

4.8/5

(39)

Question 65

Natural Resource Investment Company and Mega Bank are secured parties with security interests in property owned by LNG Gas Corpora-tion. Between these interests,the first to be filed or perfected has priority over other filed or perfected security interests in

(Multiple Choice)

4.8/5

(33)

Question 66

Gina borrows from Hilltop Bank the funds to buy a car. The car secures the debt. Gina defaults on the loan. Hilltop takes possession of the car,planning to sell it to recover some of the unpaid debt. Before Hilltop sells the car or enters into a contract for its sale,Gina can pay the bank what she owes and take back the car. This is

(Multiple Choice)

4.9/5

(45)

Question 67

Any breach of the terms of the security agreement can constitute default.

(True/False)

4.8/5

(30)

Question 68

Lena borrows from Mac and Nicol,using the same collateral for both loans. Only Nicol has a perfected security interest. Lena defaults on both loans. The party with first rights to the collateral is

(Multiple Choice)

4.9/5

(40)

Question 69

A guaranty contract must normally be in writing to be enforceable.

(True/False)

4.7/5

(36)

Question 70

Sara needs $1,500 to buy textbooks and other school supplies. Tomas agrees to loan Sara $1,500,accepting as collateral Sara's car. They put their agreement in writing and sign it. Sara keeps possession of the car. Does Tomas have an enforceable security interest? How can Tomas let other creditors know of his interest in the car?

(Essay)

4.8/5

(27)

Question 71

Most of the customers in any business are buyers in the ordinary course of business.

(True/False)

4.8/5

(37)

Question 72

Showing 61 - 72 of 72

Exam 25: Security Interests and Creditors Rights

Quotient Financial Corporation is a secured party with a security inter-est in property owned by Retail Sales Company. Perfection of this secu-rity in-ter-est may not protect Quotient Financial against the claim of

Custom Cabinets & Carpentry Company has a claim against Duane's property to satisfy a debt that takes priority over other claims against the same property. This is

A purchase-money security interest in consumer goods is created when a person buys goods on credit.

A security interest is enforceable only if the debtor has title to the collateral.

Consumer Credit,Inc. (CCI),lends $1,000 to Joe. Kay acts as Joe's surety. If Kay pays the loan,she gets

Natural Resource Investment Company and Mega Bank are secured parties with security interests in property owned by LNG Gas Corpora-tion. Between these interests,the first to be filed or perfected has priority over other filed or perfected security interests in

Any breach of the terms of the security agreement can constitute default.

Lena borrows from Mac and Nicol,using the same collateral for both loans. Only Nicol has a perfected security interest. Lena defaults on both loans. The party with first rights to the collateral is

A guaranty contract must normally be in writing to be enforceable.

Most of the customers in any business are buyers in the ordinary course of business.

The Legal Environment

Constitutional Law

Courts and Alternative Dispute Resolution

Tort Law

Product Liability

Intellectual Property Rights

Internet Law, social Media, and Privacy

Criminal Law and Cyber Crime

Business Ethics

Nature and Classification

Agreement

Consideration

Capacity and Legality

Voluntary Consent

The Statute of Fraudswriting Requirement

Performance and Discharge

Breach and Remedies

Third Party Rights

International Law in a Global Economy

The Formation of Sales and Lease Contracts

Title and Risk of Loss

Performance and Breach of Sales and Lease Contracts

Negotiable Instruments

Banking in the Digital Age

Bankruptcy

Agency Relationships in Business

Employment, immigration, and Labor Law

Employment Discrimination

Sole Proprietorships and Franchises

All Forms of Partnership

Limited Liability Companies and Special Business Forms

Corporate Formation and Financing

Corporate Directors, officers, and Shareholders

Corporate Mergers, takeovers, and Termination

Investor Protection, insider Trading, and Corporate Governance

Administrative Law

Antitrust Law and Promoting Competition

Consumer and Environmental Law

Liability of Accountants and Other Professionals

Personal Property and Bailments

Real Property and Landlord-Tenant Law

Insurance, wills, and Trusts

Filters