Secured Transactions MCQs

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Under the Revised UCC Secured Transaction Article, when collateral is in a secured party’s possession, which of the following conditions must also...






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Under the Revised UCC Secured Transaction Article, which of the following after-acquired property may be attached to a security agreement given to a...






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Gardner Bank loaned Holland Company $20,000 to purchase some inventory to resell in its store. Gardner had Holland sign a security agreement that li...






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Article 9 of the UCC which governs security interests has added some items that now are covered by security interests law. Which of the following is...






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Under the Revised UCC Secured Transaction Article, which of the following events will always prevent a security interest from attaching?






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Perfection of a security interest permits the secured party to protect its interest by






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Under the Revised UCC Secured Transaction Article, what is the effect of perfecting a security interest by filing a financing statement?






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A secured creditor wants to file a financing statement to perfect its security interest. Under the Revised UCC Secured Transaction Article, which of...






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Which of the following transactions would illustrate a secured party perfecting its security interest by taking possession of the collateral?






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Under the Revised UCC Secured Transaction Article, which of the following actions will best perfect a security interest in a negotiable instrument a...






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Grey Corp. sells computers to the public. Grey sold and delivered a computer to West on credit. West executed and delivered to Grey a promissory not...






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In which of the following cases does a seller have automatic perfection of a security interest as soon as attachment takes place? I. Purchase money...






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Mars, Inc. manufactures and sells computers on credit directly to wholesalers, retailers, and consumers. Mars can perfect its security interest in t...






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Under the Revised Secured Transaction Article of the UCC, which of the following purchasers will own consumer goods free of a perfected security int...






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Under the Revised UCC Secured Transaction Article, what is the order of priority for the following security interests in store equipment? I. Securi...






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Noninventory goods were purchased and delivered on June 15, 2010. Several security interests exist in these goods. Which of the following security i...






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Under the Revised Secured Transaction Article of the UCC, what would be the order of priority for the following security interests in consumer goods...






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A party who filed a security interest in inventory on April 1, 2010, would have a superior interest to which of the following parties?






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W & B, a wholesaler, sold on credit some furniture to Broadmore Company, a retailer. W & B perfected its security interest by filing a financing sta...






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Rand purchased a sofa from Abby Department Store for use in her home. Abby had her sign a security agreement for the balance Rand owed. Rand did not...






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Wine purchased a computer using the proceeds of a loan from MJC Finance Company. Wine gave MJC a security interest in the computer. Wine executed a ...






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Rally Co. has purchased some inventory from Kantar Corporation to sell to customers who will use the inventory primarily for consumer use. Which of ...






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On June 15, Harper purchased equipment for $100,000 from Imperial Corp. for use in its manufacturing process. Harper paid for the equipment with fun...






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Drew bought a computer for personal use from Hale Corp. for $3,000. Drew paid $2,000 in cash and signed a security agreement for the balance. Hale p...






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Drew bought a computer for personal use from Hale Corp. for $3,000. Drew paid $2,000 in cash and signed a security agreement for the balance. Hale p...






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Under the Revised UCC Secured Transaction Article, which of the following statements is correct concerning the disposition of collateral by a secure...






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Bean defaulted on a promissory note payable to Gray Co. The note was secured by a piece of equipment owned by Bean. Gray perfected its security inte...






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In what order are the following obligations paid after a secured creditor rightfully sells the debtor’s collateral after repossession? I. Debt owe...