Personal Property Security Quiz
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Questions and Answers

What is the term for when the creditor has possession of the goods until the debt is paid, and there is an express/implied right of sale?

  • Common law lien
  • Title transfer
  • Pledge (correct)
  • Bailment
  • What is the term for when the creditor has possession of the goods until the debt is paid, and there is no right of foreclosure upon repayment?

  • Bailment
  • Pledge (correct)
  • Title transfer
  • Common law lien
  • What is the term for when the creditor has possession of the goods until the debt is paid, and it is the bailment of personal property as security for a debt?

  • Pledge (correct)
  • Title transfer
  • Bailment
  • Common law lien
  • What is the term for when the creditor has possession of the goods until the debt is paid, and it is inherent, and does not need to be expressly created by the security agreement?

    <p>Pledge</p> Signup and view all the answers

    What is the term for when the creditor has possession of the goods until the debt is paid, and it is the bailment of personal property as security for a debt, and there is an express/implied right of sale?

    <p>Pledge</p> Signup and view all the answers

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