Multiple Choice
[Favi's Furniture] Favi took out a loan from First Bank and executed a security agreement which gave First Bank rights to any after-acquired property as collateral. A year later, Favi took out a loan with Second Bank and executed a security agreement with Second Bank using his new delivery truck as collateral. Favi eventually defaulted on both loans.
-If Favi sells the truck, what is First Bank's best option?
A) Seek repossession of the truck.
B) File a financing statement within 90 days after the debtor receives the proceeds of the sale of the truck.
C) File a financing statement within 60 days after the debtor receives the proceeds of the sale of the truck.
D) File a financing statement within 30 days after the debtor receives the proceeds of the sale of the truck.
E) File a financing statement within 10 days after the debtor receives the proceeds of the sale of the truck.
Correct Answer:

Verified
Correct Answer:
Verified
Q5: The term _ is the designation for
Q6: If Michael, ABC Electronics, and XYZ Credit
Q7: What did the court conclude in the
Q8: When perfection by possession occurs, the parties
Q9: _ is the person or the party
Q11: Thomas and Pauline are two secured parties.
Q12: [Dirty Laundry] Morgan planned to start her
Q13: A bank taking possession of collateral does
Q14: [Overextended Debtor] Michael bought a flat screen
Q15: [Hang Glider] Monte borrows money from A&Z