Exam 18: Security Interests in Personal Property

Idle Investments,Inc. ,and Harbor Bank are secured parties with security interests in property owned by GR8 Manufacturing Corporation.Priority between these security interests is generally determined by

Mona lives in New Jersey,but she works in New York.Mona borrows $1,000 from National Bank,using her motorcycle as collateral.To perfect its security interest,the bank must file its financing statement in at least

Filing a financing statement with the appropriate public office is the only way to perfect a purchase-money security interest in consumer goods.

For a creditor to have an enforceable security interest,the debtor must have title to the collateral.

To be valid,a security agreement must contain a description of the collateral.

The state office in which a financing statement should be filed depends on the creditor's location.

Green Landscape Company buys a backhoe on credit from Heavy Equipment Corporation,but does not make a payment on the loan for several months.Heavy repossesses the backhoe by towing it from a public street.Green sues Heavy for breach of the peace.Green will probably

Prime Property Investments,Inc. ,files a financing statement to provide notice of its security interest in the property of Qwik Breakfast Restaurant.The initial effective term of a financing statement is a period of

The payment of Nero's debt to Olly is guaranteed by Nero's personal property.Nero is located in Pennsylvania.Olly communicates to the appropriate state official a security agreement that uses only Quality Engineering,the trade name of Nero's business.To perfect Olly's interest,this is

The payment of Frida's debt to Gianini is guaranteed by Frida's personal property.Gianini is

On default,unless the security agreement states otherwise,the secured party has the right to repossess collateral.

Refer to Fact Pattern 18-1.A car in Fine's possession is probably

A security interest that provides for a security interest in proceeds is a floating lien.

The person who owes the payment of a secured obligation is the secured party.

When two conflicting security interests are unperfected,the first to attach has priority.

Computer World (CW),after repossessing a multimedia system from Dave,a consumer,decides to keep the system instead of reselling it.CW sends written notice to Dave.CW can now keep the system

Refer to Fact Pattern 18-1.Holly,a professional driver,buys an Excel from Fine to drive in a Grand Prix race.Holly's Excel is

A security interest may attach to intangible collateral but cannot be perfected.

Elias repays his debt,incurred to buy consumer goods,to Fidelity Bank and immediately files a written request for a termination statement.Fidelity

Expert Capital Company and Frugal Financial Bank are secured parties with security interests in property owned by Grande Corporation.Between these security interests,the first to be filed or perfected has priority over other filed or perfected security interests in