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Unlock the Benefits of Security Interest
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Unlock the Benefits of Security Interest

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Questions and Answers

What is one benefit of taking a security interest?

  • To eliminate the need for multiple filing requirements
  • To reduce the likelihood of bankruptcy filings
  • To make it easier for the sales department to sell to companies that do not meet credit standards (correct)
  • To increase the cost of credit for debtors

    • What is a possible defense against a preference attack in the event of a bankruptcy filing?

  • Multiple filing requirements
  • Elimination of costs
  • Lowered credit standards
  • A security interest (correct)

    • What is an example of how taking a security interest can benefit a creditor?

  • Refusing to sell to companies that do not meet credit standards
  • Requiring multiple filing requirements
  • Charging higher interest rates to debtors
  • Offering a higher credit line to a debtor who agrees to a security interest (correct)

    • Taking the five steps mentioned in the text can help maximize existing interests.

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

    The identification number mentioned in step 2 is the same as the debtor's tax identification number.

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

    It is not necessary to file UCCs in any states where a new filing is required to perfect the security interest.

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

    The Robinson-Patman Act deals with price discrimination between different classes of customers

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

    Discounts offered to one customer must also be offered to all customers in the same class

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

    The penalties for violating Robinson-Patman include imprisonment

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

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