1 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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NR275.BUS.241.35.SP11 - ([Spring 2011] BUS 241-35: Business Law I) Assignments ... Module 5 Practice Test Review Test Submission: Module 5 Practice Test Review Test Submission: Module 5 Practice Test User Kristen M Ritch Submitted 3/5/11 5:26 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 4 seconds out of 2 hours and Instructions Question 1 The last security interest to be perfected is the first in priority over any other perfected security interests. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 2 Quotient Financial Corporation is a secured party with a security interest in property owned by Retail Sales Company. Perfection of this security interest may not protect Quotient Financial against the claim of Selected Answer: [None Given] Correct Answer: a buyer in the ordinary course of business. 0 out of 2 points Question 3 A security interest cannot be perfected without the filing of a financing statement. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 4 The principal duty of a trustee is to liquidate and close up the debtor's estate as quickly as possible. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 5 The concept of a floating lien does not apply to a shifting stock of goods. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 6 A security agreement must be filed in person to be valid and enforceable. 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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Selected Answer: [None Given] Correct Answer: False Question 7 Jill believes that she should file a plan for a Chapter 13 discharge in bankruptcy. A Chapter 13 bankruptcy plan must provide for Selected Answer: [None Given] Correct Answer: the surrender of all collateral to the creditors. 0 out of 2 points Question 8 Fact Pattern 16-1 General Leasing Company (GLC) buys equipment for use as inventory, borrowing $1 million from Helpful Finance Corporation for a security interest in the equipment. The next day, GLC borrows $500,000 from Interstate Bank, also for a security interest in the equipment. GLC defaults on the loans. Refer to Fact Pattern 16-1. Suppose that Helpful perfects its security interest when GLC takes possession of the equipment. In that circumstance, the party with priority to the collateral on GLC's default would be Selected Answer: [None Given] Correct Answer: Helpful only. 0 out of 2 points Question 9 Kipper files a petition in bankruptcy. Kipper's dischargeable debts include Selected Answer: [None Given] Correct Answer: unsecured credit-card debt. 0 out of 2 points
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This note was uploaded on 03/16/2011 for the course BUS 241 taught by Professor Green during the Spring '11 term at New River Community College.

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1 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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