Mod 8 Flashcards
1
Q
What type of financing option allows the borrower to take possession and own the personal property, and the seller also acts as the vendor?
A
Vendor financing
2
Q
What type of financing option allows the borrower to take possession but never own, but has the option to purchase the item at the end of the term?
A
Long Term Lease
3
Q
What document serves as a promise to pay back the amount borrowed?
A
Promissory Note
4
Q
What type of document assigns the rights of something used as collateral?
A
Assignments
5
Q
What doc ensures the corporation approves of the purchase of commercial personal property?
A
Corporate Resolutions
