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Question
A purchase money security interest in noninventory collateral prevails over a prior perfected security interest if:
A. the purchase money security interest is perfected at the time the debtor takes possession or within 20 days afterward.
B. the purchase money secured party gives notification in writing to the prior secured creditor before the debtor receives the inventory.
C. the holder of the competing security interest received notification within five years before the debtor receives the inventory.
D. the notification states that the person expects to acquire a purchase money security interest in inventory of the debtor and describes the inventory.
Answer
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Related questions
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B. allows only the U.S. attorney general to sue for injunctive relief or the seizure of products to enforce various provisions of the act.
C. permits any private party to sue for an injunction to enforce any CPSC rule or order, if, at the time of the suit, the commission or the attorney general has begun an action based on the alleged violation.
D. allows those injured because of a knowing and willful violation of a CPSC rule or order to sue for damages if the amount in controversy exceeds $100,000.
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A. firearms
B. drugs
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D. lawn mowers
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The Holder in Due Course rule:
A. alters statutes of limitations or other state-created limitations on the consumer's enforcement of claims and defenses.
B. states that all defenses available to the purchaser against the seller can also be available against the holder in due course.
C. eliminates rights that the consumer may have as a matter of federal, state, or local law.
D. creates a warranty claim or defense where the product is sold "as is."
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The Equal Credit Opportunity Act:
A. is designed to protect consumers from unfair or inaccurate credit reporting.
B. requires online ads for free credit reports to disclose whether the consumer must buy credit monitoring or other products or services to get the report.
C. prohibits discrimination in credit transactions on grounds of sex, marital status, race, color, religion, national origin, and age.
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A. coinsurance clause
B. pro rata clause
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B. usually allows the insured to recover the difference between the limits stated in the policy and the fair market value of the property.
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In life insurance contracts:
A. the rate of the premiums to be paid decreases if the face value increases.
B. the loan value decreases as the age of the policy increases.
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A. the trust will automatically fail.
B. the court will direct the application of the property to some charitable purpose that falls within the settlor's general charitable intention.
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A. can enter the leased property during the term of the lease.
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C. can enter the leased property anytime as long as he/she does so quietly.
D. may not interfere with any matter concerning the property.
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A. tenancy at will
B. tenancy at sufferance
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Where damage to leased property arises through no fault of the tenant, that tenant still has a duty to take interim steps in order to prevent further damage from the elements.
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Landlords attempt to limit their liability through exculpatory clauses.
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A tenant who remains in possession of the property after the expiration of a lease cannot be made part of a new tenancy.
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A teller's check:
A. is a draft drawn by a bank on any other financial institutions other than a bank.
B. is a check drawn by a bank on an individual's funds.
C. is a draft on which the drawer or drawee are the same bank.
D. is a draft drawn by a bank on another bank or payable at or through a bank.