Podcast
Questions and Answers
What is the term used to describe a transaction in which the payment of a debt is guaranteed by personal property owned by the debtor?
What is the term used to describe a transaction in which the payment of a debt is guaranteed by personal property owned by the debtor?
- Secured interest
- Secured transaction (correct)
- Collateral
- Security agreement
What is the term used to describe the person or party that holds an interest in secured property?
What is the term used to describe the person or party that holds an interest in secured property?
- Creditor
- Collateral holder
- Secured party (correct)
- Debtor
What is the term used to describe the property subject to a security interest?
What is the term used to describe the property subject to a security interest?
- Collateral (correct)
- Debtor's assets
- Secured property
- Security interest
What are the requirements for creating a secured interest?
What are the requirements for creating a secured interest?
What type of property can be used as collateral?
What type of property can be used as collateral?
What is the purpose of a security agreement?
What is the purpose of a security agreement?
What is necessary for a security interest to be perfected by filing?
What is necessary for a security interest to be perfected by filing?
What type of security interest is formed when a debtor uses borrowed money to buy collateral?
What type of security interest is formed when a debtor uses borrowed money to buy collateral?
How long is a financing statement valid for consumer goods?
How long is a financing statement valid for consumer goods?
What is retained by the seller of the collateral?
What is retained by the seller of the collateral?
What is required on a financing statement?
What is required on a financing statement?
Where must the financing statement be filed under the name of the?
Where must the financing statement be filed under the name of the?
