Exam 29: Security Interests in Personal Property
Exam 1: The Nature of Law90 Questions
Exam 2: The Resolution of Private Disputes90 Questions
Exam 3: Business and the Constitution90 Questions
Exam 4: Business Ethics, Corporate Social Responsibility, Corporate Governance, and Critical Thinking90 Questions
Exam 5: Criminal Law and Procedure90 Questions
Exam 6: Intentional Torts90 Questions
Exam 7: Negligence and Strict Liability90 Questions
Exam 8: Intellectual Property and Unfair Competition90 Questions
Exam 9: Introduction to Contracts90 Questions
Exam 10: The Agreement: Offer90 Questions
Exam 11: The Agreement: Acceptance90 Questions
Exam 12: Consideration90 Questions
Exam 13: Reality of Consent90 Questions
Exam 14: Capacity to Contract90 Questions
Exam 15: Illegality90 Questions
Exam 16: Writing90 Questions
Exam 17: Rights of Third Parties90 Questions
Exam 18: Performance and Remedies90 Questions
Exam 19: Formation and Terms of Sales Contracts90 Questions
Exam 20: Product Liability90 Questions
Exam 21: Performance of Sales Contracts90 Questions
Exam 22: Remedies for Breach of Sales Contracts90 Questions
Exam 23: Personal Property and Bailments90 Questions
Exam 24: Real Property90 Questions
Exam 25: Landlord and Tenant90 Questions
Exam 26: Estates and Trusts90 Questions
Exam 27: Insurance Law90 Questions
Exam 28: Introduction to Credit and Secured Transactions90 Questions
Exam 29: Security Interests in Personal Property90 Questions
Exam 30: Bankruptcy90 Questions
Exam 31: Negotiable Instruments90 Questions
Exam 32: Negotiation and Holder in Due Course90 Questions
Exam 33: Liability of Parties90 Questions
Exam 34: Checks and Electronic Transfers90 Questions
Exam 35: The Agency Relationship90 Questions
Exam 36: Third-Party Relations of the Principal and the Agent95 Questions
Exam 37: Introduction to Forms of Business and Formation of Partnerships90 Questions
Exam 38: Operation of Partnerships and Related Forms90 Questions
Exam 39: Partners Dissociation and Partnerships Dissolution and Winding up90 Questions
Exam 40: Limited Liability Companies, limited Partnerships, and Limited Liability Limited Partnerships90 Questions
Exam 41: History and Nature of Corporations90 Questions
Exam 42: Organization and Financial Structure of Corporations90 Questions
Exam 43: Management of Corporations90 Questions
Exam 45: Securities Regulation90 Questions
Exam 46: Legal and Professional Responsibilities of Auditors, Consultants, and Securities Professionals90 Questions
Exam 47: Administrative Law90 Questions
Exam 48: The Federal Trade Commission Act and Consumer Protection Laws90 Questions
Exam 49: Antitrust: the Sherman Act90 Questions
Exam 50: The Clayton Act, the Robinsonpatman Act, and Antitrust Exemptions and Immunities90 Questions
Exam 51: Employment Law90 Questions
Exam 52: Environmental Regulation90 Questions
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Which section of the UCC governs the prioritization of competing security interests in collateral for secured loans?
(Multiple Choice)
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(36)
Which of the following is true about perfection of fixtures?
(Multiple Choice)
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(35)
Which of the following is not a way to perfect a security interest?
(Multiple Choice)
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(34)
Where the creditor has possession of the collateral,the security agreement may be oral.
(True/False)
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(38)
Generally,a buyer in the ordinary course of business can take property free from any security interest.Which of the following buyers is an exception?
(Multiple Choice)
4.8/5
(40)
The two-step process for obtaining an enforceable security interest consists of attachment and perfection.
(True/False)
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(29)
Which of the following statements about a buyer's right to redeem is false?
(Multiple Choice)
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(33)
The basic priority rule for competing security interests is that the first secured party to attach wins.
(True/False)
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(30)
The debtor defaults on his agreement with the creditor,the creditor repossesses the collateral,and the creditor then sells the collateral.The creditor may retain any surplus if the amount realized on the sale exceeds the amount of the debtor's debt.
(True/False)
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Which of the following is an option for the secured creditor when the debtor defaults?
(Multiple Choice)
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(43)
What are the three basic requirements for a security interest to be attached to the goods of a debtor?
(Essay)
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(37)
Wonder Widget Company manufactures widgets that are sold to retailers.The retailers,in turn,sell these widgets to consumers for their own use.These widgets are:
(Multiple Choice)
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Cutco Lawn Products Manufacturing Company sells 100 riding lawn mowers to the Smith Hardware Company,a retailer in the same industry.Smith pays for the mowers with a $50,000 loan from the Bass Bank.The Bank takes a security interest in the mowers to secure payment of the loan,and perfects it by filing.Later,Smith sells one of the mowers to Carl,a consumer,who buys in good faith and in the ordinary course of Smith's business.However,Carl knows that the Bank has a security interest in the mowers.Smith defaults on its loan payments,and the Bank moves to repossess all the mowers.Can it repossess the mower sold to Carl?
(Multiple Choice)
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Bonn,a secured party,intends to sell collateral at a private sale after the debtor defaults.Which of the following statements is false?
(Multiple Choice)
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(36)
Which of the following statements about security agreements is false?
(Multiple Choice)
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(47)
According to the Code classifications of collateral,which of the following includes dock warrants and dock receipts?
(Multiple Choice)
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Which of the following is most likely to be perfected by the secured party's possession of the collateral?
(Multiple Choice)
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