Secured Transactions

Question 1

PMSI

Answer 1

1. Loan money to buy collateral

2. Sell collateral on credit

Question 2

Types of goods

Answer 2

A. Consumer goods
B. Inventory
C. Farm products
D. Equipment

Question 3

Intangible or semi intangible collateral

Answer 3

A. Instruments
B. Documents
C. Chattel paper
D. Accounts
E. Deposit accounts
F. Investment property
G. Commercial tort claims
H. General intangibles

Question 4

Attachment

Answer 4

1. Agreement to create security interest
A. Possession
B. Writing
C. Control
2. Value given to debtor
3. Debtor must have rights in the collateral

Question 5

Control of Nonconsumer Deposit Account

Answer 5

1. Bank where account is maintained
2. Deposit account in creditors name
3. Control agreement

Question 6

Filing statement requirements

Answer 6

1. Debtors name and address
2. Secured partys name and address
3. Indication of collateral
4. (If real property) description of real property and name of record owner

Valid for five years- continuation in last six months

Question 7

Reasonableness of sale

Answer 7

1. Sufficiency of advertising
2. Were people in the market contacted( if limited market)
3. Collateral needed cleaning or repair
4. Convenience of time and place of auction

Question 8

Retention of collateral in satisfaction

Answer 8

1. Debtor consent
2. Notice to other secured parties
   ( 20 days to object)