Security Contracts

Question 1

In a specialty contract for the sale of goods or security agreement, when does seller give possession or title?

Answer 1

1. Until buyer pays money in full, seller keeps title

Question 2

Define lien agreement?

Answer 2

1. A possessory right

Question 3

What is a conditional sales contract

Answer 3

Define: When seller keeps title but possession goes to someone else until payment is made in full

Question 4

What is the Information Services Corporation?

Answer 4

• A place where you can check if any titles are registered with anyone else
• Important when buying things

Question 5

What is a chattel mortgage

Answer 5

Seller gives up title and keeps possession

1. Typically a security for a loan
2. The buyer is the seller (giving some title up)
3. Other party has possession
   3.

Question 6

What is the limitation of civil rights?

Answer 6

1. Civil rights related to private law

Question 7

In respect to the LOCR Statue: Conditional Sales Contract - Can dealer or finance company sue or make you pay?

Answer 7

NO.

Only take bake the repossession of goods sold.

Question 8

In respect to the LOCR Statue: Mortgage limitations and pros?

Answer 8

If you use a mortgage to finance a house, no one can sue you. Only foreclosure can happen.