chapter 32-Work Set TRUE-FALSE QUESTIONS 1. To be valid, af be valid, a financing statement does not need to contain a description of the collateral The security agreement determines most of the parties' rights and duties concerning the security interest. Default occurs most commonly when a debtor fails to repay the loan for which his or her property served as collateral. 4 When two secured parties have perfected security interests in the same collateral, generally the last to perfect has priority. 5. A mechanic's lien always involves real property, and an artisan's lien always involves personal property, 6. A surety or guarantor is discharged from his or her obligation when the principal debtor pays the debt. 7. A writ of execution is issued before the entry of a final judgment. 8. An employer can dismiss an employee due to garnishment