Question: 3. Under the UCC Secured Transactions Article, for a security interest to attach, the A. Debtor must agree to the creation of the security interest.

3. Under the UCC Secured Transactions Article, for a security interest to attach, the

A. Debtor must agree to the creation of the security interest.

B. Creditor must properly file a financing statement.

C. Debtor must have title to the collateral.

D. Creditor must be in possession of part of the collateral.

4. For purposes of the Secured Transactions Article of the Uniform Commercial Code, a security interest includes

A. An interest in any property that secures payment or performance of an obligation.

B. An interest in personal property or fixtures that secures payment or performance of an obligation.

C. The special interest of a buyer of goods acquired on identification of the goods to a contract for sale.

D. The interest of a consignor when title is retained regardless of whether the arrangement is intended as security.

5. An unperfected security interest in the same collateral that has attached has priority over claims of a

A. Buyer of goods who gives value, takes delivery, and is unaware of the security interest.

B. Conflicting security interest that has not yet attached.

C. Perfected security interest in the same collateral whether or not it has attached.

D. Lien creditor who acquires a lien by judicial process.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Law Questions!