题目
题目

ACCT:4300:0001 Fall25 Examination #2 - Accounting Ethics and Law- Requires Respondus LockDown Browser

判断题

Marie borrows money from the Midwest Bank to purchase an oven for the kitchen in her home, and the Midwest Bank immediately takes a security interest in the oven Marie purchases with the money. The Midwest Bank can perfect its security interest in the oven automatically upon attachment without filing a financing statement.

选项
A.True
B.False
查看解析

查看解析

标准答案
Please login to view
思路分析
This question revolves around how perfection of a security interest works for consumer goods. Option 1 (True): A purchase-money security interest (PMSI) in a consumer good, such as an oven bought for a home, is automatically perfected at attachment. In other words, when the creditor loans money specifica......Login to view full explanation

登录即可查看完整答案

我们收录了全球超50000道考试原题与详细解析,现在登录,立即获得答案。

类似问题

Kate borrowed $100,000 from Bank on August 1 and gave it a security interest in the equipment she purchased with the money. Kate then filed for bankruptcy August 5 and listed Bank as a creditor. Bank perfected its security interest in the equipment on August 24. Which of the following is true?

Carol made a promissory note in the amount of $25,000 in favor of Barb on January 1 to be due in nine months. In exchange for a loan for her business, Barb granted Bank a security interest in this note on February 1 of the same year. Bank’s security interest in the note attached against Barb. Bank promptly filed a financing statement to perfect its interest in the note and did not take possession of the note. On February 15 of the same year, Barb negotiated the note to Jim for $23,500, and Barb then spent this money on her business. Jim had no reason to know or suspect that Barb had granted a security interest in the note to the Bank and took the instrument in good faith and without notice of any defenses to payment on the instrument or other claims of ownership. If Barb defaults on her loan and does not pay Bank, which party is entitled to the $25,000 note and why?

Regional Bank wants to perfect its security interest in timber growing on land owned by Standard Lumber, Inc. Most likely, a financing statement should be filed with:

Cal's Contracting (Company) is a company located in Iowa. Bank holds a perfected security interest in all of Company’s equipment and after acquired equipment as of July 1. On July 15 of the same year, Equipment Dealer, Inc. (Dealer) sold and delivered a backhoe to Company for use in its construction business. To pay for the backhoe, Company used funds it had borrowed from the Credit Union (Credit Union) for that purpose. Company made its purchase of the backhoe on the same day it received the loan proceeds from the Credit Union. Credit Union also retained a security interest in the backhoe Company purchased with the loan proceeds. Credit Union’s security interest attached to the backhoe. At the time Credit Union’s security interest in the backhoe arose, Credit Union knew of the Bank’s prior interest. On July 25, Credit Union filed a financing statement to perfect its security interest in the backhoe. Does the Bank or Credit Union or Company have priority over the backhoe if Company defaults on its loans?

更多留学生实用工具

加入我们，立即解锁 海量真题 与 独家解析，让复习快人一步！