All Of The Following Are Elements Of A Security Agreement Except

The «c» choice is right. The security interest of the purchase money (PMSI) on non-inventory products prevail over all other security interests in the same security if the PMSI is perfected within 20 days of receiving the debtor`s possession. Here, the PMSI was deposited 9 days after the possession of the debtor`s non-inventory goods. (D) Security is deposit accounts, electronic chat paper, investment property or credit rights, and the insured portion is controlled in accordance with sections 9-104, 9-105, 9-106 or 9-107 of the debtor. The «d» selection is correct. A funding statement focuses on developing a security interest; The filing of a funding return is not applicable to the seizure. Therefore, the testimony is a misrepresentation. However, Declaration II is correct. A funding return is valid for five years, but can be renewed for a further five years by filing a continuation declaration within six months of the five-year period. Successive continuation declarations are submitted before the end of each five-year period. Larkin`s security interest is higher, provided he picks up the computers before the career does. The «a» selection is wrong.

A seller who buys goods for resale has inventory, not consumer goods. Note that if a seller buys the buyer`s inventory in the normal operation of the seller, merchant buyers generally keep the inventory free of an advanced security interest previously given by the seller. The «b» selection is correct. By definition, the interest on the purchase guarantee in the inventory can only be done in two ways: (i) the creditor sells the inventory to the debtor on credit and maintains a security interest rate for the purchase price, or (ii) the creditor lends money to the debtor to allow the debtor to purchase the inventory. In both cases, the deposit is the only way to perfect when the debtor is in possession of the inventory. If the debtor is in possession of the inventory (which is almost always the case), the creditor cannot be perfect by possession or control. In addition, the creditor cannot be automatically perfected with a purchase security interest in the inventory. Only an interest in the security of consumer goods is automatically refined without the creditor owning/controlling consumer goods or filing a financing statement for consumer goods. Thus, the only way to perfect a purchase guarantee is to increase the interest in inventory, to file a financing return. The «a» selection is wrong. A safety interest in a negotiable instrument is not automatically perfected when fixing, as this choice suggests, so it would be totally ineffective to rely on the installation. The «d» selection is wrong.

The discreet announcement of the career does not matter. There is a four-month temporary period of perfection during which security issues subject to advanced security interests are moved to another state. In what order are the following obligations paid after a secured creditor has legally sold the debtor`s guarantee after the withdrawal? Although super-generic descriptions are allowed in the financing statements, more details are needed for the effective granting of a security interest between the debtor and the secured party before a seizure can take place. In particular, Article 9 expressly provides that «[an over-cutting] of security [such as» «all of the debtor`s assets» or «all of the debtor`s personal assets» or … Words of similar meaning do not reasonably identify security [for seizure purposes]. [7] In addition, more details are needed on professional claims or certain consumer transaction guarantees. [8] The «b» selection is correct.