A purchase money security interest in a motor vehicle is covered by the automatic perfection rule.
Correct Answer:
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Q21: A termination statement is filed by the
Q22: When the creditor repossesses the collateral,the creditor
Q23: More than one creditor can have a
Q24: A perfected security interest will take priority
Q25: A security interest can be perfected merely
Q27: The automatic perfection rule applies only to
Q28: A purchase money security interest automatically perfects
Q29: The parties are free to define the
Q30: A secured party may cure a default
Q31: If an affected secured party fails to
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