A) Meredith breached the peace because she did not provide Caleb prior notification that she was going to repossess the vehicle.
B) Meredith did not breach the peace because Caleb sustained no documented physical injury.
C) Meredith breached the peace because she took the vehicle from a public lot.
D) Meredith breached the peace unless she can establish that Caleb gave her prior permission to repossess the vehicle in a public lot.
E) Meredith did not breach the peace because she acted in a reasonable manner in taking the collateral.
G) A) and E)
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A) The kiln manufacturer would have to check if any other creditors filed financing statements with the state in order to determine if any other creditors have priority,and if not,the kiln manufacturer would have priority if it made a notation on the van's title.
B) The kiln manufacturer would have to check if any other creditors filed financing statements with the state in order to determine if any other creditors have priority.
C) The bank's interest in the van would take priority over the kiln manufacturer because it filed first.
D) The kiln manufacturer can assume that no other creditors have a secured interest in the vehicle and thus it would have priority if it perfected its interest by making a notation on the van's title.
E) The kiln manufacturer would have to check if any other creditors filed financing statements with the state in order to determine if any other creditors have priority,and if not,the kiln manufacturer would have priority if it filed its financial statement.
G) A) and B)
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A) If a debtor defaults on a loan,the secured party can take possession of the collateral so long as the secured party does not breach the peace.
B) Under the UCC,the secured party can sell,lease,or transfer the collateral in any commercially reasonable method.
C) Instead of disposing of the collateral,the secured party may choose to keep the collateral in full or partial satisfaction of the debt.
D) Regardless of where the collateral is sold,the secured party must strive to receive the best price for the collateral.
E) A debtor in default has no rights in regard to whether collateral is retained by the secured party or sold.
G) A) and B)
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A) Perfection by filing or perfection by possession.
B) Automatic perfection.
C) Perfection by possession.
D) Any method of perfection is acceptable for stocks and bonds.
E) Perfection by filing.
G) D) and E)
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C
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A) That while not every aspect of the sale had to be commercially reasonable,the seller failed to show that sufficient advertisement of the sale was accomplished,thereby rendering the sale itself commercially unreasonable.
B) That the secured party failed to prove that its sale of the vehicle conformed with established industry practices.
C) That showing that the sale grossed more than 50% of the vehicle's value established that the sale was commercially reasonable.
D) That there was no obligation on the seller to engage in a commercially reasonable sale because the plaintiff was in default.
E) That good faith in selling the vehicle established commercial reasonableness as a matter of law.
G) A) and C)
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B) False
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A) She may recover $1,000 from the bank.
B) She may recover $200 from the bank.
C) She may recover $100 from the bank.
D) She may recover $500 from the bank.
E) She may not recover anything unless she incurred damages;and,in that event,she may recover the amount of her compensatory damages.
G) B) and E)
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D
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A) Unlikely,because the collateral is not clearly described in the written agreement.
B) Very likely because Jo's car is identified as collateral.
C) Very likely,because collateral need not be identified in a security agreement.
D) Unlikely,because Used-Carz must first attempt to repossess the car.
E) Very likely,because,although the collateral is not clearly described in the written agreement,creditors cannot lose rights to collateral.
G) C) and D)
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A) 20 Days.
B) 60 Days.
C) 10 Days.
D) 30 Days.
E) 5 Days.
G) A) and C)
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A) Collateral may include indispensable paper such as documents of title.
B) Collateral may include goods such as equipment.
C) Collateral may include farm products.
D) Collateral may include proceeds.
E) Collateral may include intangibles such as chattel paper.
G) A) and C)
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A) Yes,because it filed a financing statement,thus perfecting its interest.
B) Yes,because banks are excused from minor errors in financial documents,and thus the incorrect name in the financing statement does not affect perfection.
C) No,because the financing statement is filed under an incorrect name,thus perfection is likely not effective.
D) Yes,even though the financing statement is filed under a correct name,the filing of the statement perfected its interest in the hang glider.
E) No,it takes more than simply filing a financing statement for perfection to be effective.
G) All of the above
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A) An approved buyer.
B) A buyer in the ordinary course of business.
C) An exchanger in the typical course of business.
D) A buyer in the typical course of business.
E) An approved buyer in the ordinary course of business.
G) D) and E)
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B
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According to the UCC,a security interest...View Answer
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B) False
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A) The purchase-money security interest has priority over any other secured perfected interests as long as the purchase-money security interest is perfected within 30 days of the debtor's possession of the collateral.
B) The purchase-money security interest has priority over any other secured perfected interests as long as the purchase-money security interest is perfected within 60 days of the debtor's possession of the collateral.
C) The purchase-money security interest has priority over any other secured perfected interests as long as the purchase-money security interest is perfected within 40 days of the debtor's possession of the collateral.
D) The purchase-money security interest has priority over any other secured perfected interests as long as the purchase-money security interest is perfected within 20 days of the debtor's possession of the collateral.
E) The purchase-money security interest has priority over any other secured perfected interests as long as the purchase-money security interest is perfected within 45 days of the debtor's possession of the collateral.
G) B) and D)
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A) Allonge
B) Allegiant
C) Transfer
D) Pledge
E) Release
G) A) and B)
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B) False
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A) Two items: 1) the names and addresses of all the parties involved and 2) a description of the collateral.
B) Three items: 1) the names and addresses of all the parties involved,2) a description of the collateral,and 3) the signature of the debtor.
C) Three items: 1) the name of the financing bank,2) the name of the debtor,and 3) a description of the collateral.
D) The names and addresses of all parties involved only.
E) Three items: 1) the name of the financing bank,2) the signature of the debtor,and 3) a description of the collateral.
G) A) and B)
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A) Michael is correct only because in the case of luxury goods,a financing statement must be filed within 20 days of the sale in order for the seller to establish perfection.
B) Michael is correct because the security interest perfected when he was still in possession of the collateral 30 days after the purchase.
C) Michael is wrong because the security interest perfected immediately.
D) Michael is correct because no financing statement was filed.
E) Michael is correct because the security interest perfected when he was still in possession of the collateral 60 days after the purchase.
G) All of the above
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A) The bank should have filed a waiver statement within 20 days.
B) The bank should have filed a termination statement within one month.
C) The bank should have filed a stopgap statement by the time Morgan's next payment was due had she not paid off the loan.
D) The bank should have filed a termination statement within 20 days.
E) The bank should have filed a waiver statement within one month.
G) A) and B)
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