Perfection of Security Interests
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Questions and Answers

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?

  • 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?

  • The secured party (correct)
  • The buyer
  • The debtor
  • The seller

    • If a buyer purchases chattel paper and instruments, what happens to the security interest?

    <p>The buyer is free from the security interest</p> Signup and view all the answers

    What must a financing statement list?

    <p>The names and addresses of all parties, a description of the collateral, and the debtor's signature</p> Signup and view all the answers

    What happens in a priority dispute between two secured parties?

    <p>The creditor who perfected the interest first prevails</p> Signup and view all the answers

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