Exam 23: Security Interests in Personal Property

Pete borrows $5,000 from Willy in a secured transaction using Pete's BMW as collateral. Pete then borrows $7,000 from Janet using the same car as collateral. Neither Willy nor Janet perfects their security interests. Pete defaults on the loans. The party with priority is

Jim files a uniform financing statement giving notice to the public that he has a secured interest in collateral belonging to Phil, who is the debtor named in the statement. This uniform statement form is now used in

Future advances against a line of credit can be subject to the same collateral.

To qualify as a commercially reasonable sale, a secured party's sale of col?lateral, after default and repossession, must be private.

The payment of Eden's debt to Flem is guaranteed by Eden's personal property. This property is

Quotient Financial Corporation is a secured party with a security inter?est in property owned by Retail Sales Company. Perfection of this secu?rity in?ter?est may not protect Quotient Financial against the claim of

A financing statement cannot be the same as the security agreement.

The payment of Brian's debt to Chuck is guaranteed by Brian's personal property. This is

The "first-in-time" rule means that an unperfected security interest takes priority over a perfected security interest.

The payment of Waldo's debt to Main Street Bank is guaranteed by Waldo's personal prop?erty. This is governed by

A debtor is the person in whose favor there is a security interest.

Attachment makes the security interest between a debtor and se?cured party ineffective.