A) The secured party may not acquire a security interest in proceeds.
B) A secured party has an interest in proceeds only if a financing statement is filed on the proceeds.
C) A secured party automatically has an interest in proceeds.
D) A secured party has an interest in proceeds only if the proceeds are taken into the possession of the secured party.
E) A secured party has an interest in proceeds only if the secured party has a signed statement from the debtor granting an interest in proceeds.
G) B) and D)
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A) A loaned money possessory interest.
B) A secured possessory interest.
C) A perfected security interest.
D) A purchase-money security interest.
E) A purchase-cash consumer interest.
G) B) and D)
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A) Attachment.
B) Transformation.
C) Perfection.
D) Security.
E) Reaffirmation.
G) D) and E)
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A) 1 Year
B) 10 Days
C) 60 Days
D) 5 Days
E) 30 Days
G) C) and D)
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A) File a financing statement within 90 days after the debtor receives the proceeds of the sale of the truck.
B) File a financing statement within 10 days after the debtor receives the proceeds of the sale of the truck.
C) Seek repossession 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 60 days after the debtor receives the proceeds of the sale of the truck.
G) A) and B)
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A) The UCC defines default as failure to make a payment within 90 days after a payment is due.
B) The UCC defines default as failure to make a payment within 30 days after a payment is due.
C) The UCC defines default as failure to make any payment when due.
D) The UCC defines default as failure to make a payment within 60 days after a payment is due.
E) The UCC does not define default.
G) A) and E)
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A) No,even though the laptops are used primarily for business,the laptops are consumer goods and the secured party would have to file a financing statement to perfect the security interest in them.
B) No,the laptops are purchased for business use and the secured party would have to make a notation on the title to perfect the security interest in them.
C) Yes,even though the laptops are used primarily for business,the laptops are consumer goods.
D) Yes,because the laptops are consumer goods,and,for public policy reasons,the security interest in them will always perfect automatically.
E) No,the laptops are purchased for business use and the secured party would have to file a financing statement to perfect the security interest in them.
G) None of the above
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A) First Bank,because in a dispute between two secured but unperfected creditors,the party who attached first takes priority.
B) First Bank,because in a dispute between two secured and perfected creditors,the party who perfected first takes priority.
C) The two banks will have equal rights to the property.
D) First Bank,because in a dispute between a secured perfected creditor and a secured unperfected creditor,the secured perfected creditor takes priority.
E) Second Bank,because "after-acquired property" is not specific enough to grant attachment right to First Bank,and,thus,the secured agreement of Second Bank takes priority.
G) C) and D)
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A) The dealership,because it properly perfected its security interest,which automatically perfected when Yuka moved to Colorado.
B) Rocky Bank,because,although the dealership properly perfected its security interest before Rocky Bank,the dealership failed to re-perfect its interest in the new state.
C) Rocky Bank,because even if the dealership had perfected its security interest in Colorado within four months of when the truck was brought into the state,the bank would have priority over a car dealership.
D) The dealership,because even though it did not re-perfect its interest in Colorado,a secured party does not lose protection if the initial perfection was proper.
E) The dealership,because it properly perfected its security interest before Rocky Bank.
G) B) and E)
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A) The party who attached its interest first will prevail.
B) The party who loaned the most money on the collateral has priority.
C) The parties will divide the proceeds from the sale of the collateral evenly between them.
D) The party who loaned money first will prevail.
E) The party who first notified the debtor of a missed payment has priority.
G) A) and E)
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