Exam 33: Secured Transactions and Suretyship

The property given to a creditor as security for a debt is known as:

The surety has certain defenses to paying. What are they?

In strict foreclosure, a secured creditor can accept the collateral in full satisfaction or partial satisfaction of the debt.

The substitution of one person for another who has a legal claim or right is known as:

A lien is security obtained through operation of law.

A judicial bond is an assurance, generally purchased by an employer, to cover employees who are entrusted with valuable property or funds.

The debtor's rights in collateral must be immediate rights to the possession but need not necessarily be rights that can be conveyed.

A financing statement requires the debtor's signature, unless the creditor is authorized to make the filing without a signature.

The financing statement is effective for ten years from the date of filing.

A person who owes money to another is known as an obligor.

Which of the following is a type of loan for which no collateral is pledged?

Attachment is the process by which a security interest becomes enforceable against the debtor with respect to the collateral.