Question 1

Which of the following is a writing that demonstrates a right to payment of money?

Accepted Answer

A)   Chattel paper.
B)   Goods paper.
C)   Payment paper.
D)   An instrument.
E)   An authorization.F) B) and C)
G) C) and E)

Question 2

Which of the following was the result in the case in the text In re Girolamo Afonica,the case in which a debtor's bankruptcy discharge was challenged by a bank that held a security interest in a vehicle that the plaintiff,without notice to the bank,transferred to a junk dealer because his ex-wife did not like it sitting in her driveway?

Accepted Answer

A)   The court found that the debtor transferred the vehicle with the specific intent to hinder, delay, or defraud the plaintiff and that his discharge would be denied in total as to all debts, not just the one owed to the plaintiff bank.
B)   The court found that the defendant's bankruptcy discharge would not be denied in total, but that the discharge as to the plaintiff bank's interest would be denied.
C)   The court found that the defendant's bankruptcy discharge would be allowed in total, including the discharge as to the vehicle, because the bank failed to notify the defendant that he was required to provide notification prior to disposing of collateral.
D)   The court found that the defendant's bankruptcy discharge would be allowed in total, including the discharge as to the vehicle, because the bank failed to prove that the defendant acted with malice.
E)   The court found that the defendant's bankruptcy discharge would be allowed in total, including the discharge as to the vehicle, because the vehicle was worth less than $1,000 at the time of transfer.F) B) and E)
G) All of the above

Question 3

When perfection by possession occurs,the parties must have a written security agreement.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is true under the UCC regarding a security interest in collateral that has been perfected in one state when the collateral is moved to another state?

Accepted Answer

A)   A security interest in collateral that has been perfected in one state will generally expire immediately when the collateral is moved to another state.
B)   A security interest in collateral that has been perfected in one state will generally transfer to another state for a period of four months from the date that the property is brought into the other state.
C)   A security interest in collateral that has been perfected in one state will generally transfer to another state for a period of six months from the date that the property is brought into the other state.
D)   A security interest in collateral that has been perfected in one state will generally transfer to another state for a period of two months from the date that the property is brought into the other state.
E)   A security interest in collateral that has been perfected in one state will generally transfer to another state for a period of 30 days from the date that the property is brought into the other state.F) A) and E)
G) C) and D)

Question 5

If a buyer purchases chattel paper in the ordinary course of business and without notice of any prior security interest,the buyer can obtain the good involved free of any security interest.

Accepted Answer

A) True 
 B)False

Exam 30: Secured Transactions

If a buyer purchases chattel paper in the ordinary course of business and without notice of any prior security interest,the buyer can obtain the good involved free of any security interest.

Correct Answer
verified

Which of the following is a writing that demonstrates a right to payment of money?

Correct Answer
verified

When perfection by possession occurs,the parties must have a written security agreement.

Correct Answer
verified

Correct Answer
verified

Which of the following is true under the UCC regarding a security interest in collateral that has been perfected in one state when the collateral is moved to another state?

Correct Answer
verified

Exam 30: Secured Transactions

If a buyer purchases chattel paper in the ordinary course of business and without notice of any prior security interest,the buyer can obtain the good involved free of any security interest.

Correct AnswerverifiedShow Answer

Which of the following is a writing that demonstrates a right to payment of money?

Correct AnswerverifiedShow Answer

When perfection by possession occurs,the parties must have a written security agreement.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following is true under the UCC regarding a security interest in collateral that has been perfected in one state when the collateral is moved to another state?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified