QUESTION 51

To have an enforceable security interest in collateral that is in the possession of the secured party, there must be a written security agreement.

True

False

QUESTION 52

A security interest is perfected when the creditor has possession of the collateral.

True

False

QUESTION 53

The statute of frauds requires all sales contracts to be in writing in order to be enforceable.

True

False

QUESTION 54

A junior perfected party may prevent a senior perfected party who has repossessed the collateral from retaining it.

True

False

QUESTION 55

One filing may give a secured party an interest in presently owned inventory, after acquired inventory, proceeds & future advances.

True

False