Secured Transactions

Question 1

perfection of a security interest may be accomplished by

Answer 1

the filing of a financing statement.

Question 2

Under the Secured Transactions Article of the UCC, what secured transaction document must be signed by the debtor?

Answer 2

security agreement

Question 3

Filing a financing statement lasts for five years and can be continued with a continuation statement if

Answer 3

filed within six months of expiration. Financing statements can be refiled for each new five-year period.

Question 4

a buyer in the ordinary course of business who purchased goods from a merchant takes the goods

Answer 4

free from any prior perfected security interest.