Unlock document.
This document is partially blurred.
Unlock all pages and 1 million more documents.
Get Access
46.
(p. 672)
Which of the following is true regarding the definition of default under the UCC?
47.
(p. 675)
Which of the following is true regarding the manner in which a secured party may sell
collateral?
48.
(p. 675)
How long does a debtor have in which to object to a secured party's retention of
collateral to satisfy a debt?
49.
(p. 665)
Which of the following is the proper designation under the UCC for the television?
50.
(p. 662)
Which of the following is the term for the type of agreement Dennis had with ABC
Electronics?
51.
(p. 665)
Which of the following is correct regarding the statement of Dennis that the security
interest of ABC was not perfected?
52.
(p. 671)
In a dispute between Dennis, ABC Electronics, and XYZ Credit regarding entitlement to
the television, who is likely to win and why?
53.
(p. 668)
Which of the following is the proper designation for any equipment subject to the bank's
security interest that Molly obtains after the initial loan agreement?
54.
(p. 663)
Which of the following is true regarding the effect of XYZ Electronics filing a security
interest?
55.
(p. 670)
Which of the following is true regarding priority in rights to the computer?
56.
(p. 668-669)
What should the bank have done to terminate its interest in any property of
Molly?
57.
(p. 669)
Which of the following is true regarding any compensation that Molly is entitled to from
the bank because the bank did not timely file notice that it had no interest in her goods?
58.
(p. 673)
Which of the following is true regarding Tina's belief that her only option was to take
possession of the collateral?
59.
(p. 673)
Which of the following is true regarding Tina's repossession of the pick-up truck?
60.
(p. 673)
Which of the following is true regarding Tina's taking possession of Barry's convertible?
61.
(p. 661)
Set forth the steps that a creditor must take to become a secured party.
62.
(p. 667)
What does the UCC provide regarding protection in movable collateral that is moved from
one state to another?
63.
(p. 664)
List three advantages discussed in the text associated with perfection by possession.
64.
(p. 671)
Everett buys a new bicycle on credit from Bicycle City. Bicycle City has a security
agreement establishing a purchase-money security interest in the bicycle. Everett, however,
discovers that he does not have enough money to pay his rent. Therefore, he sells his bicycle to
his neighbor, Helen, who is unaware of Bicycle City's security interest in the bicycle. Everett fails
to make payments on the bicycle and Bicycle City seeks to repossess it. Discuss the rights and
obligations of the parties.
65.
(p. 676)
What rights, if any, does a creditor who does not wish to repossess collateral have in the
event of a default and why might a creditor prefer a remedy other than repossession of
collateral?
