[Pottery Store] A&B Bank loaned money to Potter's Pottery Store to finance the purchase of several kilns,a delivery van,and pottery wheels.In return,Potter's granted a security interest to A&B Bank for "all equipment of Potter's".The kiln manufacturer also wants to place a security interest on the kilns and the delivery van for Potter's Pottery.
-If the bank wants to have priority in its loan to the pottery store,how should the bank perfect its interest?
A) The bank would have to make a notation on the certificate of title for the van and would have to file a financing statement on the other items.
B) The interest is perfected automatically because the collateral are goods.
C) The bank would have to file a financing statement for all items.
D) The bank would have to make a notation on the certificate of title for the van,but the other items would be perfected automatically.
E) The bank could make a notation on the certificate of title for the van and on the ownership documents of the other items because they are goods used to conduct business.
Correct Answer:
Verified
Q61: The bank should have done what to
Q62: Which statement is correct regarding Meredith's taking
Q63: Is the bank correct that it has
Q64: If a bank wants to ensure it
Q65: [Repo] Meredith sells used cars and trucks.She
Q67: Trevor goes to the AutoShop and purchases
Q68: The owner of Potter's Pottery also purchased
Q69: Before perfecting its interest,if the kiln manufacturer
Q70: Does the fact that the financing statement
Q71: Which of the following purchases can be
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents