3/9

Question 1

SI for proceeds must

Answer 1

Be securable and identifiable

Question 2

Security Attachment for Commercial Torts (like fraud)

Answer 2

No attachment even with description.

Question 3

UCC 3 - Promises to Pay

Answer 3

Must be unconditional.

Question 4

Suspicions of Fraud -UCC 3

Answer 4

Still get HDC protections if taken in good faith.

Question 5

PMSI Perfection Info

Answer 5

Autoperfected for consumer goods

Question 6

Financing Statement must contain

Answer 6

Debtor name, sec party name, collateral description

Question 7

Conflict Sec Interests- No perfection

Answer 7

First party to attach (first one to give loan, etc).

Question 8

PMSI Def

Answer 8

Money to buy goods. Non-consumer goods are not a/p’d.

Question 9

Commingled Inventory Perfection

Answer 9

Have to refile financing statement to reperfect.

Question 10

Default allows

Answer 10

Repossession (but not breach of peace)

Question 11

Possession of Instrument (prom note, etc.) is…

Answer 11

Perfected if that item is the collateral.

Question 12

Negotiating order v. bearer.

Answer 12

Order - indorsements
Bearer - only possession

Question 13

Credit Line for consumer goods is

Answer 13

Still a PMSI and still autoperf’d

Question 14

Deficiency Judgments

Answer 14

Allowed in Florida and will allow the debtor to recoup losses.

Question 15

Incorrect names result in

Answer 15

Prevented perfection and likely loss of order if other place perfects first.

Question 16

Repo and Paying Debt

Answer 16

If person pays debt before repo, it’s all good.

Question 17

Partial Satisfaction Securing Collateral for Consumer Debt

Answer 17

Not allowed

Question 18

Notice of Dispo

Answer 18

Have to send it. (Auction, etc).