Secured Transactions in Commercial Law Quiz Explore key concepts like attachment, perfection, and priority in secured transactions. Test your knowledge with 14 quiz questions on UCC, collateral, and more.
#1
Promissory note
Security agreement
Bill of sale
Warranty deed
#2
Uniform Commercial Code
Universal Copyright Code
United Commercial Code
Unified Corporate Code
#3
To transfer ownership of property
To create a lien on real property
To secure repayment of a debt with specific property
To enforce contracts between parties
#4
To hold the collateral on behalf of the secured party
To grant a security interest in the collateral to the secured party
To act as a witness to the security agreement
To file the financing statement with the Secretary of State
#5
Debtor
Secured party
Bankruptcy trustee
Unsecured creditor
#6
Filing a financing statement
Recording the security agreement
Notifying the debtor's creditors
Obtaining a court order
#7
A security interest created to secure the purchase price of collateral
A security interest granted to a purchaser of goods on credit
A security interest granted to a seller to secure the purchase price of goods
A security interest that only applies to real property transactions
#8
A lien that applies only to specific, identified collateral
A lien that covers after-acquired property of the debtor
A lien that is subordinate to other security interests
A lien that automatically terminates upon default by the debtor
#9
Authentication of the security agreement
Secured party's giving of value
Attachment must be noted in public records
Debtor must have rights in the collateral
#10
A rule that grants priority to certain types of collateral over others
A rule that allows secured parties to extend their priority interests indefinitely
A rule that gives priority to certain types of creditors over others
A rule that applies when a debtor's property is sold to pay off debts
#11
Attachment creates the security interest, while perfection gives priority over other creditors.
Attachment involves notifying the debtor, while perfection involves filing with the Secretary of State.
Attachment secures real property, while perfection secures personal property.
Attachment requires the debtor's consent, while perfection does not.
#12
The secured party physically holds the collateral
The secured party notifies the debtor's creditors
The secured party files a financing statement
The secured party obtains a court order
#13
Perfection creates the security interest, while attachment gives priority over other creditors.
Perfection makes the security interest enforceable against third parties and establishes priority.
Perfection requires the debtor's consent, while attachment does not.
Perfection ensures that the collateral is in the possession of the secured party.
#14
The process of seizing collateral without judicial process
The process of foreclosing on real property
The process of recovering collateral from a debtor who has defaulted
The process of obtaining a court order to sell collateral
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