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1To determine the governing law for perfection, the effect of perfection or nonperfection, and priority of a security interest, which two primary ju...
2Under Article 9 of the UCC, what is the location of an individual debtor?
3Under Article 9 of the UCC, what is the location of a debtor that is a registered organization with the state?
4Under Article 9 of the UCC, what is the location of a debtor that is an unregistered organization and has more than one place of business?
5If the debtor and the collateral consisting of goods are located in different states, will the jurisdiction of the debtor’s location provide the la...
6Does a secured creditor generally have priority over an unsecured creditor?
7How does the UCC determine a secured party’s priority date?
8Under Article 9 of the UCC, does a lien creditor generally have priority over unperfected secured creditors and general unsecured creditors?
9How is priority determined between a lien creditor and a perfected secured creditor with competing interests in the same collateral?
10A secured creditor perfected its security interest by filing an appropriate financing statement on March 1. A general unsecured creditor became a l...
11On January 1, a bank extended a debtor a $50,000 loan, taking a security interest in the debtor’s equipment, inventory, and accounts pursuant to an...
12On January 1, a bank filed an appropriate financing statement and entered an authenticated security agreement with a debtor, granting a security in...
13On January 1, a debtor borrowed $100,000 from a bank pursuant to a security agreement granting the bank an enforceable security interest in the deb...
14What does the term perfected mean in Article 9 of the UCC?
15In general, what are the five main ways for a secured party to perfect a security interest in collateral?
16What is the most common method of perfecting a security interest?
17How does the UCC determine the priority date for a secured party who has filed a financing statement?
18What three main pieces of information must a financing statement set forth to be properly completed?
19A fishing company borrowed money from two secured creditors. Both received a security interest in the company’s personal property and perfected the...
20What is the proper name of a debtor who is an individual?
21What is the proper, legal name of a debtor that is a registered organization?
22If a debtor is an unregistered organization, how must the financing statement identify the debtor?
23Under Article 9 of the UCC, what is a seriously misleading financing statement?
24A clothing store filed paperwork with the state to change its name to add the letters “LLP.” This reflected that the store had recently registered ...
25What information must a financing statement provide about a creditor?
26Does a financing statement need to describe the collateral it covers as specifically as the security agreement?
27On January 1, a debtor received a $10,000 loan from a lender. The lender took a security interest in the debtor’s equipment pursuant to a security ...
28On January 1, a debtor received a $10,000 loan from a lender. The lender took an enforceable security interest in the debtor’s equipment pursuant t...
29For purposes of perfecting a security interest, where must a financing statement be filed?
30What are the four main duties of a UCC filing office with regard to all financing statements and other records filed in the filing office?
31For how long is a properly filed and completed financing statement effective to perfect a security interest?
32When must a continuation statement be filed for a financing statement to remain effective for more than five years after filing?
33How long does a secured creditor have to amend its financing statement if a debtor changes its name or a new debtor takes collateral subject to a s...
34Two corporations in the same state merged. The surviving entity acquired all of the acquired entity’s assets. By contract and under state law, the ...
35If a security interest is perfected by filing under one state’s laws, and a debtor that is not a registered organization later changes its location...
36A debtor was a general partnership with its place of business in State A. The debtor granted a security interest in its equipment to a lender. The ...
37If a security interest is perfected by filing under one state’s laws, and a debtor that is a registered organization later changes its location to ...
38A debtor was a registered organization in State A. After a significant change in the board of directors, the debtor was reincorporated in State B. ...
39What are the two primary types of assignments for financing statements?
40What happens to a financing statement once a debtor has fulfilled its obligations to the secured party?
41How does a creditor perfect a security interest in a fixture?
42What information must a fixture filing contain?
43In general, to perfect a security interest in a vehicle, must a secured creditor work through the relevant state’s certificate-of-title system?
44What is the one type of collateral in which a security interest can be perfected only by possession?
45Does Article 9 define possession?
46May a secured party designate another party to take possession of collateral on the secured party’s behalf?
47How long is possession of collateral effective to perfect a security interest?
48A debtor approached a friend to borrow money. As collateral for a small loan, the debtor offered the friend a ring. The friend agreed, taking posse...
49A debtor approached a friend to borrow money. As collateral for a small loan, the debtor offered the friend a ring. The friend agreed and took poss...
50What are the two types of collateral in which a security interest can be perfected only through control?
51What are the three ways for a secured party to establish control of a deposit account, for purposes of perfecting a security interest in the deposi...
52A debtor maintained a deposit account with a bank. To secure a loan from a credit company (the company), the debtor entered a security agreement gr...
53A man wanted to start a food-delivery service. The man maintained a deposit account at a bank, and he approached the bank for a start-up loan. The ...
54Can a secured party establish control of a letter-of-credit right if the issuer consents to an assignment of the letter’s proceeds?
55What types of security interests perfect automatically upon attachment to the collateral?
56Under what circumstances does a security interest in an assignment of accounts or payment intangibles perfect automatically upon attachment?
57A man suffered a health crisis that generated thousands of dollars in medical bills. Fortunately for the man, his health insurance would cover most...
58Whenever a debtor acquires identifiable proceeds from the disposition of collateral, does the underlying security interest automatically attach to ...
59If a debtor sells, licenses, leases, exchanges, or otherwise disposes of collateral that is subject to a perfected security interest, for how long ...
60A lender perfected a security interest in a debtor’s inventory by filing a financing statement. Later, on March 1, the debtor sold five pieces of i...
61If a secured creditor receives an automatic, perfected security interest in the proceeds of collateral, under what circumstances may the automatic ...
62If a security interest was already perfected by one method, may the secured creditor later perfect the same security interest by a different method...
63What is a buyer in the ordinary course of business?
64A debtor was in the timber business and often sold its timber to various lumber mills as gatewood (i.e., severed timber that the debtor brought to ...
65If a buyer in the ordinary course of business buys any goods, other than farm products from a person engaging in farming operations, does the buyer...
66A parent company had two wholly owned subsidiaries. A bank had a perfected security interest in the first subsidiary’s equipment, and a credit unio...
67How, if at all, could a close relationship between a buyer and a seller affect whether the buyer is considered a buyer in the ordinary course of bu...
68Under what circumstances will a buyer of consumer goods take free of any prior security interest?
69Do buyers of goods in the ordinary course or buyers of consumer goods take free and clear of possessory security interests?
70Which articles of the UCC generally govern whether buyers of intangibles and semi-tangibles (i.e., chattel paper and instruments) are eligible to t...
71What must a purchaser of chattel paper do to have priority over a conflicting security interest in chattel paper that is claimed as proceeds of inv...
72What must a purchaser of chattel paper do to have priority over a conflicting security interest in chattel paper that is not claimed as proceeds of...
73Does a buyer of chattel paper who knows that the sale violates the rights of a secured party have priority over the secured party’s interest in the...
74If a purchaser of chattel paper sees the chattel paper listed on a financing statement, does the purchaser have knowledge that the sale violates th...
75What are the requirements for a purchaser of instruments to have priority over an existing security interest in the instruments?
76What is a possessory lien?
77On January 1, a debtor granted a creditor a security interest in the debtor’s car to secure a loan. The creditor promptly and properly perfected th...
78In general, does Article 9 govern whether a debtor’s rights in collateral may be transferred?
79Will an agreement between a debtor and a creditor prohibiting the debtor’s transfer of his rights in collateral prevent such a transfer from occurr...
80A debtor authenticated a valid security agreement granting a security interest in its equipment to a bank. The security agreement provided that the...
81In secured-transactions law, what is priority?
82A debtor borrowed $100,000 from a bank pursuant to a security agreement granting the bank an enforceable security interest in the debtor’s equipmen...
83What is the general rule of priority for conflicting perfected security interests?
84On January 1, a debtor borrowed $100,000 from a bank pursuant to a security agreement granting the bank an enforceable security interest in the deb...
85On January 1, a debtor approached a bank to borrow $100,000, secured by the debtor’s equipment. While the parties negotiated, the debtor permitted ...
86If a secured party perfects a security interest but later suffers a lapse in perfection, may it reinstate perfection at the original priority date?
87Does a perfected security interest have priority over a conflicting unperfected security interest?
88What is the general rule of priority for conflicting unperfected security interests?
89On January 1, a debtor bought a car from a dealer on credit. The debtor promised to pay the dealer $250 per month for five years. The dealer took a...
90How does the UCC determine the priority of a security interest in collateral securing future advances of funds to the debtor?
91On January 1, a bank made a loan to a debtor, taking a security interest in the debtor’s equipment. The security agreement included a future-advanc...
92What is the one circumstance in which a lien creditor may gain priority over an earlier perfected secured creditor?
93Under what circumstances does a buyer or lessor of goods take priority over an earlier perfected interest in collateral securing a future advance o...
94In secured-transactions law, what does the term superpriority mean?
95For a purchase-money security interest (PMSI) in goods other than inventory or livestock to have superpriority, when must it be perfected?
96An equipment company agreed to lend money to a buyer for the express purpose of enabling the buyer to purchase a particular copier. On January 1, t...
97On January 1, a bank made a loan to a debtor and took a security interest in all of the debtor’s software, whether owned at the time or later acqui...
98For a PMSI in inventory to have superpriority, when must the security interest be perfected?
99What are the four requirements that must be met for a perfected PMSI in inventory to have superpriority?
100On January 1, a bank made a loan to a debtor and took a security interest in all the debtor’s inventory, whether owned at the time or later acquire...
101What must a creditor with a PMSI in livestock do to achieve superpriority?
102How does the UCC determine priority among multiple conflicting security interests having superpriority?
103What is the policy rationale behind extending superpriority to certain holders of perfected PMSIs?
104What is the double-debtor problem in Article 9 of the UCC?
105Under what circumstances will a debtor-created security interest in acquired collateral be subordinate to a security interest created by another pe...
106A farmer owned a tractor, which he used as equipment. The tractor was subject to a perfected security interest in favor of a bank. The farmer sold ...
107A bank had a perfected security interest in a company’s general intangibles, whether owned at the time or later acquired. A lender had a perfected ...
108If a new debtor becomes bound under a security agreement, how does the UCC determine priority between conflicting security interests in after-acqui...
109If a new debtor becomes bound under security agreements in which a single original debtor created multiple conflicting security interests in the sa...
110When a new debtor becomes bound under security agreements that originated with different original debtors, how does the UCC determine priority?
111Does a secured party with control over a deposit account generally have priority over a secured party who claims a conflicting interest but does no...
112How does the UCC determine priority among conflicting security interests in a deposit account held by secured parties with control?
113Two competing creditors each perfected a security interest in the same deposit account by establishing control over it. One established control thr...
114Two competing secured creditors each perfected a security interest in a deposit account through control. One established control by being the bank ...
115Does a secured party with an interest perfected by control in investment property have control over a secured party with a conflicting interest per...
116Each of two secured creditors had a security interest in the same investment property. On January 1, one creditor perfected its security interest b...
117How is priority determined between conflicting, perfected security interests in the same letter-of-credit right?
118What is the general rule of priority regarding security interests in fixtures?
119A bank held a properly recorded mortgage on a debtor’s office building. During the first year that the debtor occupied the building, the debtor ins...
120What are the four requirements for a proper fixture filing?
121What are the requirements for PMSI in a fixture to confer superpriority as against a party with an interest in the underlying real property?
122A bank held a properly recorded mortgage on a debtor’s office building. The debtor needed a central air-conditioning system but lacked the capital ...
123What is the first-in-time exception to the general rule of priority regarding security interests in fixtures?
124In what two ways may a person with an interest in real property consensually subordinate that interest to a security interest in a fixture annexed ...
125May a security interest exist in ordinary building materials incorporated into an improvement on land?
126May a secured party make a fixture filing as a mere precaution?
127In secured-transactions law, what is an accession?
128If a good that is collateral becomes an accession, what is the effect on the security interest?
129A debtor used computers to provide educational-technology services. A bank had an attached, perfected security interest in certain hardware that th...
130How does the UCC determine priority between a security interest in an accession and a security interest in the whole perfected through a certificat...
131A debtor granted a bank an enforceable security interest in its equipment (i.e., goods), including the vehicles that the debtor’s employees used to...
132In secured-transactions law, what are commingled goods?
133If a good that is collateral becomes a commingled good, what is the effect on the security interest?
134How does the UCC determine priority if more than one security interest attaches to a product or mass of commingled goods that previously existed as...
135A debtor was a cake shop. A bank had a security interest in the debtor’s eggs and flour, which was perfected on January 15. The eggs and flour had ...
136A farmer installed a new engine in his truck. The next day, the farmer used this truck to move wheat to the base of a community grain elevator and ...
137What is a subordination agreement?
138On January 1, a debtor borrowed $100,000 from a bank. The bank took an enforceable security interest in the debtor’s accounts and immediately perfe...
139Under Article 9 of the UCC, may anyone besides the person entitled to priority effectively agree to subordinate the person’s claim?
140Does an assignee of an account generally take the assignment subject to the defenses and claims of an account debtor?
141A bank perfected a security interest in equipment by filing a financing statement listing two debtors, an individual and a small business. Two year...
142Under what circumstances is an assignee bound to contract modifications made by the account debtor and assignor?
143If an account debtor receives authenticated notice of an assignment, whom should the account debtor pay to fulfill his obligations?
144Under what circumstances is authenticated notice of an assignment to an account debtor ineffective?
145May an account debtor ever continue to pay the assignor after receiving notification of an assignment?
146Are provisions restricting the assignment of accounts, chattel paper, payment intangibles, and promissory notes effective?
147May a secured party amend a financing statement without losing its priority date?
148Once a financing statement is filed, may a person release a portion of the collateral that is covered by the financing statement by filing an amend...
149Once a debtor satisfies its secured obligations toward a party whose security interest is perfected by filing, how can the debtor ensure that the r...
150Does a secured party generally have a duty to provide a termination statement absent a demand from a debtor?
151In what circumstances must a secured party file a termination statement even absent an authenticated demand from the debtor?
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