Alan, a debtor, and Britney, a creditor, sign a security agreement containing a specific description of the
Question:
Alan, a debtor, and Britney, a creditor, sign a security agreement containing a specific description of the collateral. Britney subsequently files a financing statement that contains a more general description. This description
a. | invalidates the financing statement only. | |
b. | invalidates the security agreement only. | |
c. | invalidates the financing statement and the security agreement. | |
d. | is sufficient. |
Pure Capital Corporation wants to perfect a security interest in a negotiable instrument owned by Quality Securities, Inc., and payable to Right Investment Company. This can be accomplished by
a. | contacting the party to whom the instrument is payable. | |
b. | filing a financing statement. | |
c. | notifying the appropriate federal officer. | |
d. | taking possession of the instrument. |
Business Law Principles for Today's Commercial Environment
ISBN: 978-1305575158
5th edition
Authors: David P. Twomey, Marianne M. Jennings, Stephanie M Greene