PART VIII: DEBTOR AND CREDITOR RELATIONS.
Match the following:
a. The right in personal property that insures payment or performance of an obligation.
b. Making a security interest effective against third parties who assert competing
interests. c. A document filed to provide notice of a security interest.
d. A catch-all category of collateral not otherwise covered; includes software, goodwill, and interests in
patents and copyrights.
e. Tangible or electronic record that evidences both a debt and a security interest in specific
goods. f. The creation of a security interest that is enforceable against the debtor.
g. A dealing in which one party obtains a security interest in the personal property of another to
secure the payment of a debt.
h. A contract between the debtor and creditor creating a security interest in the debtor’s collateral.
i. Goods bought or used primarily for personal, family, or household purposes.
j. The right of a surety who has paid the creditor to be repaid by the principal
debtor. k. A person liable to a creditor immediately upon the default of a
principal debtor.
l. Interest retained either by the seller of goods or by a lender who advances the purchase price.
m. The right of a surety to be relieved of his obligation to the creditor by having the principal debtor
perform the obligation.
n. The party primarily liable on the obligation.
o. A person who promises to answer for the payment of a debt or the performance of a duty owed
to the creditor by the principal debtor upon the failure of the principal debtor to perform.
p. A way to begin a bankruptcy case that is available to any debtor, even if solvent.
q. May be filed only under Chapter 7 or 11 if the debtor is generally not paying his undisputed debts as
they become due.
r. The person responsible for collecting, liquidating, and distributing the debtor’s
estate. s. Property subject to a security interest.
t. Any entity that has a claim against the debtor.
u. A claim with a lien on property of a debtor; a claim that is tied to specific property of the debtor.
v. The Bankruptcy Code invalidates certain preferential transfers made before the date of bankruptcy
from a debtor to favored creditors.
w. An agreement between the debtor and two or more of her creditors that each will take a portion of its
claim as full payment.
x. Prevents attempts by creditors to recover claims against the debtor.
y. A voluntary transfer by the debtor of his property to a trustee, who applies the property to the payment
of all of the debtor’s debts.
1. security agreement
ANSWER: h
2. exoneration
3. attachment
ANSWER: f
4. secured transaction
6. PMSI
7. involuntary petition
8. composition
10. financing statement
11. absolute surety
12. trustee
13. assignment for benefit of creditors
14. secured claim
POINTS: 1
15. voidable preference
16. collateral
ANSWER: s
17. general intangibles
18. security interest
POINTS: 1
19. consumer goods
20. principal debtor
21. creditor
ANSWER: t
22. voluntary petition
23. surety
24. reimbursement
25. chattel paper