Article 9 UCC

Question 1

perfected security interest priority

Answer 1

over not perfected, if more than 1, first to be perfected has priority unless PMSI

Question 2

possession of security agreement

Answer 2

security agreement does not need to be in writing

Question 3

remedies after default

Answer 3

deficiency judgement

Question 4

automatic perfection of security iterest

Answer 4

purchase money

Question 5

PMSI for inventory

Answer 5

filing is required, inventory is collateral held for resale

Question 6

Time to perfect in new state to preserve priority

Answer 6

4 months

Question 7

application of 60 % rule

Answer 7

consumer goods only

Question 8

what must be on warehouse receipt

Answer 8

location of warehouse where goods stores and if goods delivered to any holder, specified person or his order, or specified person, date and issue number, signature of warehouse manager

Question 9

priority of PMSI over perfectd

Answer 9

in noninventory priority if perfected before debtor takes possession or within 20 days after

Question 10

can joint tenant give away interest

Answer 10

yes w/out permission but transferee can only be tenant in common

Question 11

does PMSI in equipment require filing

Answer 11

yes

Question 12

are letters of credit transferable to third parties

Answer 12

no

Question 13

whats required in finance statement

Answer 13

names of debtor and secured party and description of callateral