Exam 20: Security Interest in Personal Property

EZ Credit,Inc. ,repossesses a TV set (a consumer good that is not a pur?chase-money security interest)from Fran,intending to install it in EZ's office instead of reselling it.EZ tells Fran of this in?tent.EZ must notify

Rich Financial,Inc. ,files a financing statement regarding a transaction with Standard Business Company.To be valid,the financing statement must contain all of the following except

Dependable Credit Corporation asks Elevator Supply Company to agree to a security agreement that provides for coverage of the proceeds from the sale of after-acquired prop?erty.This is

A financing statement is not effective if it is filed electronically.

An improper filing renders a secured party unperfected.

Fred,a debtor,wishes to know the amount of his outstanding secured debt with Genuine Credit Corporation.Fred may submit a written statement for approval to Genuine Credit,without paying a fee,

A financing statement cannot be amended once it has been filed.

Fact Pattern 20-1 (Questions 5-7 apply) Excel Vehicles,Inc. ,makes and sells automobiles to auto dealers,including Fine Auto Sales.Fine sells the cars to consumers and businesses. -Refer to Fact Pattern 20-1.A car in Fine's possession is probably

The payment of Josie's debt to Kym is guaranteed by Josie's personal property.The process by which Kym can protect herself against the claims of third parties to this property is

When collateral consists of consumer goods subject to a purchase-money security interest,the secured party must "purchase" the goods on the debtor's default.

Fact Pattern 20-2 Technical Support Corporation uses its office equipment as collat?eral for a loan from United Bank.The bank files a financing statement with the secretary of state in the state in which Technical Support was chartered.One year later,Technical Support changes its name to Vector,Inc. -Refer to Fact Pattern 20-2.To continue the effectiveness of its original fil?ing,United Bank must

Fact Pattern 20-2 Technical Support Corporation uses its office equipment as collat?eral for a loan from United Bank.The bank files a financing statement with the secretary of state in the state in which Technical Support was chartered.One year later,Technical Support changes its name to Vector,Inc. -Refer to Fact Pattern 20-2.United Bank's perfection will remain effec?tive for