Exam 19: Secured Transactions

The payment of Brian's debt to Chuck is guaranteed by Brian's personal property.This is

Saf-T Lenders,Inc.,takes possession of Tiara's stock in Urgent Care Corporation to perfect Saf-T's security interest in the stock.This is

Perfection refers to the quality of the collateral that secures a creditor's interest in a debtor's debt.

To create an enforceable security interest,the secured party must give value.

The first security interest to be perfected is the last in priority over any other perfected security interests.

Olaf is the creditor in a transaction with Phil.Once certain require-ments are met,Olaf's rights will attach,which means that Olaf will have

The last security interest to be perfected is the first in priority over any other perfected security interests.

Sally is the secured party in a transaction with Lilly,who is the debtor.Sally files a financing statement with the appropriate state official.The financing statement must contain

The office in which a financing statement should be filed depends on the creditor's location.

City Bank's financing statement in collateral owned by Delta Waters Corporation will expire in less than a year.Filed timely,a continuation statement could extend the effectiveness of the financing statement for

The person who owes the payment of a secured obligation is the secured party.

A buyer in the ordinary course of business has priority over any security interest created by the seller.

The concept of a floating lien applies to a constantly changing inventory.

The payment of Jose's debt to Klint is guaranteed by Jose's personal property.The process by which Klint can protect himself against the claims of third parties to this property is

The method of perfecting a security interest does not depend on the classification of the collateral.

The payment of Paul's debt to Ryan is guaranteed by Paul's 2002 Honda Civic.Ryan filed the financing statement on July 1,2014.If Ryan does nothing else,the financing statement will be effective until

The payment of Frida's debt to Gianini is guaranteed by Frida's personal property.Gianini is

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?

Secured transactions are governed by the Uniform Commercial Code (UCC).

Jim files a uniform financing statement giving notice to the public that he has a secured interest in collateral belonging to Phil,who is the debtor named in the statement.This uniform statement form is now used in