Question 1

According to the UCC, which of the following should a financing statement list?

Accepted Answer

A)  The names and addresses of all parties involved only. 
B)  Two items: (1) the names and addresses of all the parties involved and (2) a description of the collateral. 
C)  Three items: (1) the names and addresses of all the parties involved, (2) a description of the collateral, and (3) the signature of the debtor. 
D)  Three items: (1) the name of the financing bank, (2) the name of the debtor, and (3) a description of the collateral only. 
E)  Three items: (1) the name of the financing bank, (2) the signature of the debtor, and (3) a description of the collateral. 
A)  The names and addresses of all parties involved only. 
B)  Two items: (1) the names and addresses of all the parties involved and (2) a description of the collateral. 
C)  Three items: (1) the names and addresses of all the parties involved, (2) a description of the collateral, and (3) the signature of the debtor. 
D)  Three items: (1) the name of the financing bank, (2) the name of the debtor, and (3) a description of the collateral only. 
E)  Three items: (1) the name of the financing bank, (2) the signature of the debtor, and (3) a description of the collateral.

Question 2

To become a secured party, the creditor must perfect a security interest in the collateral of the debtor.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following is true regarding the court's opinion in Lingross v. Heilig-Meyers Furniture, the case in the text in which the plaintiffs alleged that the defending furniture store's agents engaged in wrongful repossession efforts?

Accepted Answer

A)  The court ruled that the defendant had no right to engage in self help in regard to repossession, regardless of whether or not it had a judgment. 
B)  The court ruled that because it had no judgment against the debtor, the defendant had no right to engage in self help in regard to repossession. 
C)  The court ruled that because it did not physically harm any residents of the home, the defendant rightfully exercised its self help rights in regard to repossession. 
D)  The court ruled that a creditor may engage in self help repossession where the creditor can do so without a breach of the peace and also that a debtor's protest at repossession terminates the creditor's self help rights. 
E)  The court ruled that a creditor may engage in self help repossession where the creditor can do so without a breach of the peace and that a creditor retains those rights regardless of whether or not a debtor protests. 
A)  The court ruled that the defendant had no right to engage in self help in regard to repossession, regardless of whether or not it had a judgment. 
B)  The court ruled that because it had no judgment against the debtor, the defendant had no right to engage in self help in regard to repossession. 
C)  The court ruled that because it did not physically harm any residents of the home, the defendant rightfully exercised its self help rights in regard to repossession. 
D)  The court ruled that a creditor may engage in self help repossession where the creditor can do so without a breach of the peace and also that a debtor's protest at repossession terminates the creditor's self help rights. 
E)  The court ruled that a creditor may engage in self help repossession where the creditor can do so without a breach of the peace and that a creditor retains those rights regardless of whether or not a debtor protests.

Question 4

A security interest may apply to personal property that is not yet in the debtor's possession.

Accepted Answer

A) True 
 B)False

Question 5

The person who fails to make payments is said to have defaulted on a loan.

Accepted Answer

A) True 
 B)False

Exam 30: Secured Transactions

According to the UCC, which of the following should a financing statement list?

To become a secured party, the creditor must perfect a security interest in the collateral of the debtor.

Which of the following is true regarding the court's opinion in Lingross v. Heilig-Meyers Furniture, the case in the text in which the plaintiffs alleged that the defending furniture store's agents engaged in wrongful repossession efforts?

A security interest may apply to personal property that is not yet in the debtor's possession.

The person who fails to make payments is said to have defaulted on a loan.

An Introduction to Dynamic Business Law

Business Ethics

The US Legal System

Alternative Dispute Resolution

Constitutional Principles

International and Comparative Law

Crime and the Business Community

Tort Law

Negligence and Strict Liability

Product Liability

Liability of Accountants and Other Professionals

Intellectual Property

Introduction to Contracts

Agreement

Consideration

Capacity and Legality

Legal Assent

Contracts in Writing

Third-Party Rights to Contracts

Discharge and Remedies

Introduction to Sales and Lease Contracts

Title, Risk of Loss, and Insurable Interest

Performance and Obligations Under Sales and Leases

Remedies for Breach of Sales and Lease Contracts

Warranties

Negotiable Instruments: Negotiability and Transferability

Negotiation, Holder in Due Course, and Defenses

Liability, Defenses, and Discharge

Checks and Electronic Fund Transfers

Other Creditors Remedies and Suretyship

Bankruptcy and Reorganization

Agency Formation and Duties

Liability to Third Parties and Termination

Forms of Business Organization

Partnerships: Nature, Formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, Officers, and Shareholders

Corporations: Mergers, Consolidations, Terminations

Corporations: Securities and Investor Protection

Employment and Labor Law

Employment Discrimination

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

The Nature of Property, Personal Property, and Bailments

Real Property

Landlord-Tenant Law

Insurance Law

Wills and Trusts

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