Exam 29: Security Interests in Personal Property

Tom takes his car to be repaired at Smith Auto Garage.Tom was surprised at the total of the bill and refuses to pay the total of the work performed.Smith Auto Garage holds onto Tom's car based on a mechanic lien.Tom stops making payments on the car to Northshore Credit Union,which has a perfected security interest in Tom's car.Smith Auto Garage will get their full amount of their lien prior to Northshore Credit Union receiving funds from a sale of Tom's car.

Which of the following are automatically covered as of the time the security interest attaches to the collateral?

Perfection by mere attachment of the security interest does not require giving public notice.

Which of the following is not classified as inventory?

In which of the following orders are the proceeds from the sale of collateral by the secured party distributed?

In which of the following cases will perfection by attachment not be effective?

A security interest is not legally enforceable against a debtor if it is not attached to one or more particular items of the debtor's property.

A(n)________ is a lien given by a debtor to his creditor to secure payment or performance of a debt or obligation.

Smith Auto Sales has a secured loan on its inventory through Northshore Credit Union,which Northshore filed in February.In March,Smith Auto Sales has another secured loan on its inventory from GMAC credit.GMAC files its security interest in May.Which creditor will have priority in the event of a default by Smith Auto Sales?

In 2000,Samson Dsouza submits a financing statement to perfect his security interest against Kevin.In 2006,Samson tries to attach a security interest in the property.Will Samson succeed in the attachment of the security interest?

Which of the following is not one of the Code classifications of collateral?

Which of the following is true about financing statements?

Article 2 of the UCC governs security interests in personal property.

A retailer of consumer goods who relies on attachment of a security interest to perfect it does not prevail over a bona fide purchaser:

A ________ serves as constructive notice to the world that the creditor claims an interest in collateral that belongs to a certain named debtor.

In Woven Treasures,Inc.v.Hudson Capital,L.L.C. ,the case in the text,the court held that Woven Treasures' security interest was unperfected because:

In the case in the text,In re Borden,the court concluded that when an artisan loses possession involuntarily:

Edith purchases a television set from Big Al's Electronic Emporium,agreeing to pay Big Al in monthly installments on a 12-month payment plan.In order to have a perfected security interest in the television set,Big Al:

Which of the following is not one of the basic requirements for a security interest to be attached to the goods of a debtor?

Which of the following is a means of obtaining control over the collateral?