Chapter 38
Question 1(1 point)
Attachment” occurs when the secured party has given value, the debtor has acquired rights
in the collateral, and:
Question 2(1 point)
Automatic perfection means that:
Question 3(1 point)
Which of the following is included in the rules of priority established by Article 9?
Question 4(1 point)
Jill owns and operates a donut shop. Under the Code, the flour, sugar, and other goods
used by Jill to make donuts are classified as:
Question 5(1 point)
When does attachment occur?
Question 5 options:
Random
Question 6(1 point)
Dr. Wells purchased a refrigerator for use in storing medications at his office. The
refrigerator will be classified as:
Question 6 options:
Question 7(1 point)
Under the Code, collateral is classified according to:
Question 7 options:
Question 8(1 point)
A record that evidences both a monetary obligation and a security interest in or lease of
specific goods is known as:
Question 8 options:
Question 9(1 point)
With respect to changes in a debtor’s situation, which of the following impairs the
effectiveness of the original filing?
Question 9 options:
Question 10(1 point)
A seller of consumer goods who takes a purchase money security interest in the goods files
a financing statement. Such filing is:
Question 10 options:
Question 6(1 point)
Mary loaned Steve the money to buy a television. That same day, she took a security
agreement from him but forgot to file it. Three days later, Steve used the television as
collateral on a loan from Gail, again signing a security agreement. Gail files the security
interest the same day. Two days later, Mary remembers the security agreement and files it.
