According to the Uniform Commercial Code (UCC),a purchase money security interest (PMSI)exists in all but which of the following situations?
A)When a security interest is retained or taken by the seller of the collateral to secure part of the purchase price
B)When a security interest is retained or taken by the buyer of the collateral to secure the seller's fulfillment of an express or implied warranty
C)When a security interest is retained or taken by the seller of the collateral to secure all of the purchase price
D)When a security interest is retained or taken by a person who gives something of value to the debtor so that the debtor can gain rights to the collateral
E)When a security interest is retained or taken by a person who gives something of value to the debtor so that the debtor can gain use of the collateral

Question

Quizplus · Accepted Answer

According to Uniform Commercial Code (UCC)Section 9-103,a purchase money security interest (PMSI)exists when a security interest is retained or taken by: a)the seller of the collateral to secure part or all of the purchase price; or b)a person who gives something of value to the debtor so that the debtor can gain rights to or use of the collateral.

According to the Uniform Commercial Code (UCC),a Purchase Money Security