Exam 29: Security Interests in Personal Property

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Which section of the UCC governs the prioritization of competing security interests in collateral for secured loans?

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Which of the following is true about perfection of fixtures?

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Which of the following is not a way to perfect a security interest?

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Where the creditor has possession of the collateral,the security agreement may be oral.

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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?

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The two-step process for obtaining an enforceable security interest consists of attachment and perfection.

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Which of the following statements about a buyer's right to redeem is false?

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Under the UCC,for a security interest to attach,the:

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A buyer in the ordinary course of business:

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An example of chattel paper is a:

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The basic priority rule for competing security interests is that the first secured party to attach wins.

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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.

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Which of the following is an option for the secured creditor when the debtor defaults?

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What are the three basic requirements for a security interest to be attached to the goods of a debtor?

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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:

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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?

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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?

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Which of the following statements about security agreements is false?

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According to the Code classifications of collateral,which of the following includes dock warrants and dock receipts?

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Which of the following is most likely to be perfected by the secured party's possession of the collateral?

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