When a severe weather warning has been declared, a delay in notice is excused to the
holder who was prevented from giving the notice until after the severe weather passed.
First Bank loaned $100,000 to Marlin’s Store to purchase computers for its inventory.
Marlin signed a financing agreement, which First Bank duly filed in the appropriate
public office. Caroline came into Marlin’s Store and purchased a computer that was
subject to the security interest held by First Bank. Assuming that Caroline is a buyer in
the ordinary course of business, whose interest in the computer has priority?
Foreclosure may be exercised only by sale under judicial decree.
A trust for the establishment and maintenance of a museum would be a charitable trust.
A buyer who has rightfully rejected or justifiably revoked acceptance of goods that
remain in her possession or control has a security interest in these goods to the extent
any payment of the price has been made.
Under the RMBCA, a corporation can act as an incorporator of another corporation.
Under the Uniform Durable Power of Attorney Act, if a principal who has executed a
written durable power of attorney becomes incapacitated, the actual authority of an
agent survives.
Title insurance is unnecessary if a title search is made.
Under SEC requirements adopted in 2010, disclosure of any directorships held by each
director and nominee at any time during the past seven years at any public company or
registered investment company must be made to shareholders.
The delegation of a duty still leaves the delegator responsible for the performance of the
duty.
Proof of copyright infringement must demonstrate that the allegedly infringing work is
identical to the copyrighted work.
The Fifth Amendment would protect a defendant from having to have his photograph
taken, since this would be a type of communication.
The UCC applies to real estate mortgages and trust deeds since they are security
interests.
If a person who has been declared incompetent by the courts enters into an agreement,
that agreement is void, because it does not meet all the requirements of a binding
contract.
Parents are not liable to a storekeeper for the destruction caused by their children if they
permit the children to run wild through the store.
A trust divides legal and equitable title to property.
Otis, a holder in due course, buys a note made out by Joe to General Lumber. Even
though Joe’s debt was discharged through bankruptcy, Otis can collect on the note.
The person who signs a note and promises to pay it is the maker.