Exam 34: Secured Transactions in Personal Property

Under Revised UCC Article 9, a debtor may authorize a financing statement by acquiring the collateral that is subject to the security agreement.

The concept of perfection concerns:

A security interest may be possessory or nonpossessory.

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

A security agreement need not describe the collateral involved.

An after-acquired property clause in a consumer security agreement can cover only goods acquired by the debtor within thirty (30) days after the creditor gave value to the debtor.

A secured transaction covers proceeds from the collateral unless such interest is expressly excluded.

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

A security interest need only be attached, not perfected, if there are no competing claims for the collateral.

When a security interest in property is inferior to other interests and claims to the property, it is said to be perfected.

Which is not an element of attachment?

With regard to future goods: