ANSWERS-CH29 - perfected if he buys without knowledge of...

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CHAPTER 29 SECURITY INTERESTS IN PERSONAL PROPERTY ANSWERS TO CHAPTER 29 True-False Multiple Choice 1. T 2. T 3. F 4. F 5. T 6. T 7. T 8. F 9. T 10. F 11. T 12. T 13. T 14. a 15. c 16. d 17. c 18. b 19. c 20. a 21. d 22. b 23. d 24. d Short Essay 25. Goods (tangible items such as automobiles and business computers); instruments (such as checks, notes, drafts), documents of title (such as bills of lading, dock receipts), accounts receivable, chattel paper (such as a conditional sales contract), general intangibles, investment property (e.g. stocks, bonds) and deposit accounts are all recognized as types of collateral under the Code. 26. No, Martin cannot repossess the piano from Carrie. UCC section 9-307(2) provides: "In the case of consumer goods, a buyer takes free of a security interest even though
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Unformatted text preview: perfected if he buys without knowledge of the security interest, for value and for his own personal, family, or household purposes unless prior to the purchase the secured party has filed a financing statement covering such goods." Carrie obviously qualifies as such a buyer. Martin did not file, so it loses even though it has a perfected security interest. 27. The merchant's security interest has priority. A purchase money security interest in noninventory collateral has priority over a prior perfected security interest in the same collateral if it is perfected at the time the debtor receives the collateral or within ten days thereafter. Business Law and the Regulatory Environment, 11E 49...
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