Exam 42: Introduction to Security

If the surety has to perform the principal's obligation,then the surety acquires all the rights that the creditor had against the principal.This is known as the surety's:

If you buy a pair of jackets and charge it to your MasterCard account,secured credit has been extended to you.

If there are cosureties and one of them has had to pay the principal's debt,the cosurety who paid the debt has a claim against the other cosureties because of:

A surety could avoid liability for a principal's default if the principal had refused to pay the seller-creditor because:

Artisans who retain goods are liable for conversion if they:

Rita cosigned a promissory note for $500 at the Federal Credit Union for her friend Sue.If Sue defaults on the note,Rita can not only collect $500 from her but also get the Federal Credit Union's rights against Sue.

Under which of the following contract devices for using real estate as security for an obligation does the seller usually retain title until the property is paid for?

The right of a lienholder to possess goods automatically gives him/her the right to immediately sell the property if the charges are not paid.

Describe the distinction between a surety and a guarantor.

A surety's right of subrogation means that if the surety has to pay the principal's obligation,the surety acquires all the rights that the creditor had against the principal.

A guarantor's promise must be made in writing to be enforceable under the statute of frauds.

In a deed of trust transaction,when a trustee sells the property and the proceeds generate a deficiency:

Which of the following is true of a land contract?

Which of the following statements is true for unsecured credit?

Possessory liens give the lienholder the right to keep possession of the debtor's property:

If Jack is a surety for John,Jack's right to reimbursement would include:

A common law lien essentially includes:

Accommodation sureties:

The common law lien and most of the statutory liens are known as possessory liens.

_____ of the Uniform Commercial Code sets out a comprehensive scheme for regulating security interests in personal property and fixtures.