Deck 27: Secured Transactions and E-Filing
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ملء الشاشة (f)
Deck 27: Secured Transactions and E-Filing
1
A chattel paper is a record that evidences both a monetary obligation and a security interest in specific goods and software used in the goods.
True
2
Accessions are pieces of individual property or goods that are not united with any other property.
False
3
In a three-party secured transaction,the party that purchases the good or service is known as the buyer-secured creditor.
False
4
Security interest is the rate of interest per annum which is entitled to the party that secures payment or performance of an obligation
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5
The property in which a security interest is taken is called collateral.
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6
A two-party secured transaction occurs when a seller sells goods to a buyer on credit and retains a security interest in the goods.
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7
The extension of credit in a secured credit requires the purchaser's pledge to some personal property as collateral for the loan.
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8
A three-party secured transaction occurs when a seller sells goods to a buyer who has obtained financing from a third-party lender who takes a security interest in the goods sold.
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9
If a lender extends unsecured credit to a debtor,the creditor takes no interest in any collateral to secure the loan.
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10
Chattel paper is considered as tangible personal property.
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11
Tangible personal property includes securities,patents,trademarks,and copyrights.
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12
Attachment is a situation in which the value of the creditor's collateral is insufficient to satisfy the debt it is collated for.
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13
In a secured credit,the creditor cannot recover the collateral despite the debtor's defaults on the loan.
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14
A floating lien is a security interest in property that was not in the possession of the debtor when the security agreement was executed.
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15
A secured transaction is one in which the creditor and debtor carry out financial transaction in a secure medium,such as a private communication channel.
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16
Intangible personal properties cannot be used as collateral to a security agreement.
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17
To be valid,a security agreement must set forth the creditor's rights upon the debtor's default.
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18
In a secured transaction,the debtor is the secured party.
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19
Article 9 of the Uniform Commercial Code governs secured transactions in personal property.
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20
After-acquired property is property obtained by the creditor after a security agreement has been executed.
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21
Which of the following is considered tangible personal property?
A)car
B)mutual fund investment
C)trademark
D)patent
A)car
B)mutual fund investment
C)trademark
D)patent
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22
Retention of collateral refers to a debtor's repossession of the collateral after paying the debt.
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23
An artisan's lien is a statutory lien given to workers on personal property to which they furnish services or materials in the ordinary course of business.
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24
A termination statement is filed when the secured party wishes to claim the collateral because the debt has not been paid.
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25
The term sales proceeds refers to the resulting assets from the sale,exchange,or disposal of collateral subject to a security agreement.
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26
A financing statement refers to a document filed by a secured creditor with the appropriate government office that constructively notifies the world of his or her security interest in personal property.
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27
For an artisan's lien to be effective,the artisan must be in possession of the property.
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28
Perfection of a security interest establishes the right of a secured creditor against other creditors who claim an interest in the collateral.
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29
A creditor who has the only secured interest in the debtor's collateral has priority over unsecured interests.
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30
Only one continuation statement can be filed for a financing statement.
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31
A financing statement covering fixtures is called a continuation statement.
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32
Perfection by investment of collateral is one of the methods of perfecting a security interest under the UCC.
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33
Repossession refers to a right granted to a secured creditor to take possession of the collateral upon default by the debtor.
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34
________ is a situation in which a creditor agrees to extend credit only if the purchaser pledges some personal property as collateral for the loan.
A)Floating lien
B)Attachment
C)Mortgage
D)Secured credit
A)Floating lien
B)Attachment
C)Mortgage
D)Secured credit
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35
Purchase money security interest is an interest a creditor automatically obtains when he or she extends credit to a consumer to purchase consumer goods.
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36
A property in which a security interest is taken is called ________.
A)collateral
B)escrow
C)attachment
D)leverage
A)collateral
B)escrow
C)attachment
D)leverage
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37
Inability of a debtor to pay a debt owing to bankruptcy does not constitute default.
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38
Which article of the Uniform Commercial Code governs secured transactions in personal property?
A)Article 8
B)Article 9
C)Article 18
D)Article 19
A)Article 8
B)Article 9
C)Article 18
D)Article 19
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39
Financing statements are effective for five years from the date of filing.
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40
Attachments are funds advanced to a debtor from a line of credit secured by collateral.
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41
What of the following is true of the rule of perfection by possession of collateral?
A)A creditor cannot take possession of the collateral until a financing statement is filed.
B)No financing statement has to be filed if the creditor has physical possession of the collateral.
C)A debtor cannot acquire security against the collateral without filing a financing statement.
D)A financing statement can be filed only against intangible personal property placed as collateral.
A)A creditor cannot take possession of the collateral until a financing statement is filed.
B)No financing statement has to be filed if the creditor has physical possession of the collateral.
C)A debtor cannot acquire security against the collateral without filing a financing statement.
D)A financing statement can be filed only against intangible personal property placed as collateral.
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42
Which of the following is true of financing statements?
A)They cannot be electronically filed.
B)They are effective for one year from the date of filing.
C)Expired financing statements cannot be extended.
D)They are available for review by the public.
A)They cannot be electronically filed.
B)They are effective for one year from the date of filing.
C)Expired financing statements cannot be extended.
D)They are available for review by the public.
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43
A(n)________ is a situation in which a creditor has an enforceable security interest against a debtor and can satisfy the debt out of the designated collateral.
A)floating lien
B)secured transaction
C)attachment
D)redemption
A)floating lien
B)secured transaction
C)attachment
D)redemption
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44
A(n)________ refers to a security interest in property that was not in the possession of the debtor when the security agreement was executed.
A)floating lien
B)after-acquired property
C)attachment
D)future advance
A)floating lien
B)after-acquired property
C)attachment
D)future advance
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45
A(n)________ is property that a debtor acquires post the execution of a security agreement.
A)floating lien
B)after-acquired property
C)attachment
D)future advance
A)floating lien
B)after-acquired property
C)attachment
D)future advance
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46
Which of the following refers to the resulting assets from the exchange or disposal of collateral subject to a security agreement?
A)sale proceeds
B)future advances
C)floating lien
D)after-acquired property
A)sale proceeds
B)future advances
C)floating lien
D)after-acquired property
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47
Which of the following is considered intangible personal property?
A)vehicles
B)equipments
C)accessions
D)deposit accounts
A)vehicles
B)equipments
C)accessions
D)deposit accounts
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48
A business purchases an airplane from an airplane manufacturer.The business obtains a loan to purchase the airplane from a bank,which obtains a security interest in the airplane.The airplane manufacturer is paid for the airplane from of the proceeds of the loan.This is a ________ transaction.
A)two-party secured
B)three-party secured
C)perfected
D)attached
A)two-party secured
B)three-party secured
C)perfected
D)attached
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49
Which of the following terms refers to goods that are physically united with other goods such that the identity of the original goods is not lost?
A)inventories
B)general intangibles
C)accessions
D)stocks
A)inventories
B)general intangibles
C)accessions
D)stocks
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50
A(n)________ has an ownership or other interest in the collateral and owes payment of a secured obligation.
A)creditor
B)debtor
C)seller
D)lender
A)creditor
B)debtor
C)seller
D)lender
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51
A ________ is a written document signed by a debtor that creates a security interest in personal property.
A)license
B)lease agreement
C)security agreement
D)chattel paper
A)license
B)lease agreement
C)security agreement
D)chattel paper
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52
Which of the following transactions occurs when a seller sells goods to a buyer on credit and retains a security interest in the goods?
A)two-party secured
B)three-party secured
C)perfected
D)attached
A)two-party secured
B)three-party secured
C)perfected
D)attached
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53
William buys a $500,000 house from Keith Geller through a realtor.He makes a down payment of $200,000.He borrows the rest from Smith and Sons,a lending firm,and places his new house as collateral for the loan.Which of the following is the debtor in this case?
A)William
B)Keith Geller
C)Smith and Sons
D)the realtor
A)William
B)Keith Geller
C)Smith and Sons
D)the realtor
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54
________ is a process that establishes the right of a secured creditor against other creditors who claim an interest in the collateral.
A)Disposition of collateral
B)Retention of collateral
C)Perfection of a security interest
D)Repossession of a security interest
A)Disposition of collateral
B)Retention of collateral
C)Perfection of a security interest
D)Repossession of a security interest
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55
John buys a new car with the help of a loan.He permits the creditor to take possession of the car if he cannot repay the loan in time.Here,the car is the ________.
A)after-acquired property
B)collateral
C)intangible personal property
D)floating lien
A)after-acquired property
B)collateral
C)intangible personal property
D)floating lien
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56
A(n)________ is a record that evidences both a monetary obligation and a security interest in specific goods and software used in the goods.
A)chattel paper
B)citation
C)financing statement
D)document of possession
A)chattel paper
B)citation
C)financing statement
D)document of possession
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57
When a buyer obtains a loan from a bank to pay the seller,the transaction is known as a(n)________.
A)attachment
B)floating-lien
C)two-party secured transaction
D)three-party secured transaction
A)attachment
B)floating-lien
C)two-party secured transaction
D)three-party secured transaction
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58
Kimberly borrows $50,000 from a bank.She gives the bank a security interest in her ________ inventory.This implies that if Kimberly does not repay the loan in the stipulated period,the bank can claim any assets she purchased post the draft of the security agreement.
A)floating lien
B)future advance
C)attached
D)after-acquired
A)floating lien
B)future advance
C)attached
D)after-acquired
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59
When a creditor extends credit to a debtor and takes a security interest in some personal property of the debtor,it is called a ________.
A)super-priority lien
B)collateral claim
C)collateral disposition
D)secured transaction
A)super-priority lien
B)collateral claim
C)collateral disposition
D)secured transaction
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60
A(n)________ refers to a document filed by a secured creditor with the appropriate government office that constructively notifies the world of his or her security interest in personal property.
A)security disclosure
B)financing statement
C)possession statement
D)custodial statement
A)security disclosure
B)financing statement
C)possession statement
D)custodial statement
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61
A(n)________ is a statutory lien given to workers on personal property to which they furnish services or materials in the ordinary course of business.
A)super-priority lien
B)floating lien
C)artisan's lien
D)judgment lien
A)super-priority lien
B)floating lien
C)artisan's lien
D)judgment lien
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62
Explain in brief the concept of deficiency judgment with an example.
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63
Gregory borrows $200,000 from Mountain Bank to purchase a plot of land,and Mountain Bank perfects its security interest in the house for this amount.Gregory defaults on the loan when he owes $80,000 to the bank.His house has gone down in value to $160,000 at the time of default,but he has other personal assets to satisfy the debt.Which of the following is a course of action for Mountain Bank to recover the debt?
A)proceed to judgment against Gregory
B)file a financing statement
C)release a termination statement
D)proceed to repossess the collateral
A)proceed to judgment against Gregory
B)file a financing statement
C)release a termination statement
D)proceed to repossess the collateral
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64
Outline the priority of claims.
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65
Distinguish between two-party and three-party secured transactions with examples.
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66
________ permits a secured lender to recover other property or income from a defaulting debtor if the collateral is insufficient to repay the unpaid loan.
A)Redemption right
B)Deficiency judgment
C)Disposition of collateral
D)Retention of collateral
A)Redemption right
B)Deficiency judgment
C)Disposition of collateral
D)Retention of collateral
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67
What is a secured transaction?
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68
Which of the following is true of disposition of collateral?
A)Disposition of collateral must be a public proceeding.
B)The debtor is entitled to receive any surplus collateral that remains after disposition.
C)The debtor need not be notified of the disposition as the creditor has complete claim on the collateral.
D)Disposition of collateral occurs when the default is by the creditor.
A)Disposition of collateral must be a public proceeding.
B)The debtor is entitled to receive any surplus collateral that remains after disposition.
C)The debtor need not be notified of the disposition as the creditor has complete claim on the collateral.
D)Disposition of collateral occurs when the default is by the creditor.
فتح الحزمة
افتح القفل للوصول البطاقات البالغ عددها 80 في هذه المجموعة.
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69
Marcia buys a $3,000 high-definition plasma television for her home on credit extended by the seller,Circuit City.Circuit City requires Marcia to sign a security agreement.Circuit City has a ________ interest in the television that is automatically perfected at the time of the credit sale.
A)cumulative security
B)future advance monetary
C)default
D)purchase money security
A)cumulative security
B)future advance monetary
C)default
D)purchase money security
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افتح القفل للوصول البطاقات البالغ عددها 80 في هذه المجموعة.
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70
Which of the following constitutes default?
A)repaying a debt before it is due
B)bankruptcy of the debtor
C)increase of rate of interest by the creditor midway through debt repayment
D)theft of the collateral
A)repaying a debt before it is due
B)bankruptcy of the debtor
C)increase of rate of interest by the creditor midway through debt repayment
D)theft of the collateral
فتح الحزمة
افتح القفل للوصول البطاقات البالغ عددها 80 في هذه المجموعة.
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71
Which of the following is true of priority of claims?
A)If two or more secured parties claim an interest in the same collateral but only one has perfected his or her security interest,the perfected security interest has priority.
B)Although one of the parties to claim an interest in the collateral has perfected his or her security interest,all the parties are given fair and equal priority.
C)If two or more secured parties claim an interest in the same collateral but neither has a perfected claim,they are given equal priority irrespective of attachments.
D)If two or more secured parties claim an interest in the same collateral but neither has a perfected claim,the first to claim has priority.
A)If two or more secured parties claim an interest in the same collateral but only one has perfected his or her security interest,the perfected security interest has priority.
B)Although one of the parties to claim an interest in the collateral has perfected his or her security interest,all the parties are given fair and equal priority.
C)If two or more secured parties claim an interest in the same collateral but neither has a perfected claim,they are given equal priority irrespective of attachments.
D)If two or more secured parties claim an interest in the same collateral but neither has a perfected claim,the first to claim has priority.
فتح الحزمة
افتح القفل للوصول البطاقات البالغ عددها 80 في هذه المجموعة.
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72
The term ________ refers to a secured creditor's repossession of collateral upon a debtor's default and selling,leasing,or otherwise disposing of it in a commercially reasonable manner.
A)repossession
B)disposal of the goods
C)disposition of collateral
D)retention of collateral
A)repossession
B)disposal of the goods
C)disposition of collateral
D)retention of collateral
فتح الحزمة
افتح القفل للوصول البطاقات البالغ عددها 80 في هذه المجموعة.
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k this deck
73
What is repossession?
A)a right granted to the debtor to take possession of the collateral after repayment of the debt
B)a right granted to the debtor to take possession of the collateral before repayment of the debt
C)a right granted to a secured creditor to take possession of the collateral upon default by the debtor
D)the act of possession of the collateral by the court owing to default by both debtor and creditor
A)a right granted to the debtor to take possession of the collateral after repayment of the debt
B)a right granted to the debtor to take possession of the collateral before repayment of the debt
C)a right granted to a secured creditor to take possession of the collateral upon default by the debtor
D)the act of possession of the collateral by the court owing to default by both debtor and creditor
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74
What is a financing statement? What is its significance in perfecting a security interest?
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75
Kelly borrows $12,000 from Terry Oswald to pay for her mother's surgery.The debt-repayment period is 15 months but Kelly manages to repay it in 11 months.Which of the following must be filed by Oswald after receiving the final installment of his money?
A)financing statement
B)statement of collateral claim
C)termination statement
D)continuation statement
A)financing statement
B)statement of collateral claim
C)termination statement
D)continuation statement
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افتح القفل للوصول البطاقات البالغ عددها 80 في هذه المجموعة.
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76
________ is an interest a creditor automatically obtains when he or she extends credit to a consumer to purchase consumer goods.
A)Purchase money security interest
B)Cumulative security interest
C)Future advance monetary interest
D)Default interest
A)Purchase money security interest
B)Cumulative security interest
C)Future advance monetary interest
D)Default interest
فتح الحزمة
افتح القفل للوصول البطاقات البالغ عددها 80 في هذه المجموعة.
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77
The term ________ refers to a secured creditor's possession of collateral upon a debtor's default and proposal to retain the collateral in satisfaction of the debtor's obligation.
A)repossession
B)disposal of the goods
C)disposition of collateral
D)retention of collateral
A)repossession
B)disposal of the goods
C)disposition of collateral
D)retention of collateral
فتح الحزمة
افتح القفل للوصول البطاقات البالغ عددها 80 في هذه المجموعة.
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78
________ is a situation in which the creditor does not have to file a financing statement or take possession of the goods to perfect his or her security interest.
A)Perfection by possession of collateral
B)Perfection by attachment
C)Perfection by claim
D)Perfection without statement
A)Perfection by possession of collateral
B)Perfection by attachment
C)Perfection by claim
D)Perfection without statement
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79
Darrel,Smith,Keith and Aaron are claimants to a collateral interest.Smith and Darrel secure their interest.Aaron takes physical possession of the collateral.Keith files a financing statement some time later.Who among the four would have highest priority of claim to the collateral?
A)Darrel
B)Smith
C)Keith
D)Aaron
A)Darrel
B)Smith
C)Keith
D)Aaron
فتح الحزمة
افتح القفل للوصول البطاقات البالغ عددها 80 في هذه المجموعة.
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80
A secured creditor must ________ the collateral if he or she receives a written objection to the proposal from a person entitled to receive notice within 20 days after the notice was sent.
A)dispose of
B)repossess
C)retain
D)claim
A)dispose of
B)repossess
C)retain
D)claim
فتح الحزمة
افتح القفل للوصول البطاقات البالغ عددها 80 في هذه المجموعة.
فتح الحزمة
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