16 - NR275.BUS.241.35.SP11[Spring 2011 BUS 241-35 Business...

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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 6:09 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 6 seconds out of 2 hours and Instructions Question 1 On default, unless the security agreement states otherwise, the secured party has the right to repossess collateral. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 2 A Chapter 11 plan is binding on confirmation and the debtor is discharged. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 3 Unsecured parties have priority over secured parties to the proceeds from the disposition of collateral on the distribution of a debtor's estate. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 4 Brick's debt to Conry is past due. Conry brings a legal action against Brick to collect the debt. To ensure that a judgment in Conry's favor will be collectible, Conry asks the court to order the seizure of Brick's property. Exempt from such an order in most states is Selected Answer: [None Given] Correct Answer: equipment that Brick uses in a business up to a specified amount. 0 out of 2 points Question 5 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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A security interest cannot be perfected without the filing of a financing statement. Selected Answer: [None Given] Correct Answer: False Question 6 The payment of Hu's debt to Ian is guaranteed by Hu's personal property. To give public notice of his interest in Hu's property, Ian is most likely to Selected Answer: [None Given] Correct Answer: file a financing statement with the appropriate authority. 0 out of 2 points Question 7 First State Bank holds a mortgage on Gigi's property. Gigi defaults on the debt. The bank forecloses. If the proceeds of the foreclosure sale are insufficient to pay the costs of the sale and the debt, the bank can Selected Answer: [None Given] Correct Answer: obtain a deficiency judgment against Gigi. 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 two weeks after GLC takes possession of the equipment, Helpful and Interstate file financing statements, with Interstate filing first. In that circumstance, the party with priority to the equipment is Selected Answer: [None Given] Correct Answer: Interstate only. 0 out of 2 points
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16 - NR275.BUS.241.35.SP11[Spring 2011 BUS 241-35 Business...

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