Multiple Choice
[Overextended Debtor] Michael bought a flat screen television for his living room from ABC Electronics,and financed the purchase through ABC Electronics.Later,Michael bought a boat,a new car,and an expensive engagement ring for his girlfriend,and found he was unable to continue making payments on the television.The manager of ABC Electronics called 60 days after the sale and asked Michael to return the television.Michael refused on the basis that ABC Electronics never perfected its interest in the television.He also explained that he had later granted a secured interest in the television along with his other goods to XYZ Credit in return for a loan.No financing statement was filed on behalf of ABC Electronics although XYZ Credit,with no knowledge of any interest of ABC Electronics,did file a financing statement.
-What is the proper designation for the television,under the UCC?
A) It is unsecured property
B) It is a consumer good
C) It is an allonge
D) It is a pledge
E) It is equipment
Correct Answer:

Verified
Correct Answer:
Verified
Q19: Generally, unsecured parties have priority over secured
Q34: Which of the following is the designation
Q35: The person or party that holds the
Q37: Which statement is correct regarding priority in
Q39: A transaction in which the payment of
Q40: Which statement is correct about the creation
Q41: Which of the following was the result
Q42: Which of the following is true if
Q65: The party that perfects its interest in
Q81: When a debtor uses collateral to secure