SECURED TRANSACTIONS

Question 1

By filing, taking possession or automatically

Answer 1

How is a security interest perfected?

Question 2

Debtors name, secured party’s name, adequate description of collateral, filing fee

Answer 2

What are the required contents of filing to perfect a security interest?

Question 3

1) Money and other deposit accounts (perfected by possession or control); and 2) goods governed by other law such as certain aviation materials.

Answer 3

What are the exceptions to filing as a method of perfection?

Question 4

1) First to attach; 2) First to file or perfect; 3) First to perfect

Answer 4

What is the status determines test?

Question 5

Some purchasers are protected even though their interest in property comes after the attachment or perfection of a security interest. These buyers are exceptions to the general rules regarding priority.

Answer 5

Who are 1) Buyers in the ordinary course of business; 2) Consumers buying from Consumers; and 3) Purchase Money Security Interest

Question 6

As a general rule, the collateral subject to a financing statement must be adequately described.

Answer 6

What is sufficiency of described collateral?