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Questions and Answers
What is the minimum duration of a financing statement in the case of consumer goods?
What is the minimum duration of a financing statement in the case of consumer goods?
- 3 years
- 10 years
- 5 years (correct)
- 7 years
What is required for automatic perfection of an interest?
What is required for automatic perfection of an interest?
- Obtaining a signature from the debtor
- Filing a financing statement
- Selling a consumer good on credit (correct)
- Possession of the collateral
In a priority dispute between a secured party and a buyer, who prevails?
In a priority dispute between a secured party and a buyer, who prevails?
- The secured party (correct)
- The buyer
- The debtor
- The seller
If a buyer purchases chattel paper and instruments, what happens to the security interest?
If a buyer purchases chattel paper and instruments, what happens to the security interest?
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What must a financing statement list?
What must a financing statement list?
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What happens in a priority dispute between two secured parties?
What happens in a priority dispute between two secured parties?
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