Unformatted text preview: 6. In the purchase of real property, what is the difference between assuming a mortgage and taking property subject to a mortgage? 7. What elements must be included in a security agreement? 8. Explain the reason for perfecting a security interest. 9. What rules are found in the UCC for determining who prevails over who when secured and secured parties lay claim to the same collateral? 10. What rights and responsibilities does a secured party have if a debtor defaults by failing to make payments when due?...
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- Spring '08
- Business Law, Equity of redemption, Uniform Commercial Code, FHA