Exam 34: Secured Transactions in Personal Property

A(n)__________ statement is a document,which may be requested by a paid-up debtor,stating that a security interest is no longer claimed under the specified financing statement.

A security interest gives a creditor the same protection than is afforded by a right to sue on the debt.

A security interest that is effective against third persons as well as against the buyer is called a:

Grund,a night club performer,financed the purchase of a drum set to be used in his night club act.The collateral is classified as a consumer good.

An interest in personal property or fixtures that secures payment or performance of an obligation is called a:

Whatever is received upon the sale,exchange,collection or other disposition of collateral is known as:

The concept of perfection concerns:

A financing statement must provide:

Perfection can occur merely by possession of the collateral by the creditor.

If the collateral is in the possession of the creditor:

The steps in terminating a financing transaction upon full payment by the debtor include the preparation of a termination statement by the creditor and the presentation of the statement to the filing officer,who marks the record "terminated."

King Electronics,a retailer of video equipment,sold two DVRs to Larson,a psychologist,for use in her professional practice,which was located in her home.The sale to Larson was made on credit.King retained a security interest in the DVRs sold but did not file a financing statement.Mills,another creditor of Larson,has asserted that his lien on the two DVRs is superior to King's security interest.Is he right? As you decide,remember to classify the DVRs as collateral in the hands of King and Larson.

Which is not an element of attachment?