17 - 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 6:13 PM Name Module 5 Practice Test Status Completed Score 0 out of 100 points Time Elapsed 5 seconds out of 2 hours and Instructions Question 1 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 2 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 3 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 Question 4 A surety is primarily liable on an obligation. Selected Answer: [None Given] Correct Answer: True 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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Question 5 Rita is a surety for Sue's loan from Total Finance Company. Rita's right to "step into the shoes" of Total Finance, after paying Sue's debt, and exercise any of the Total Finance's rights against Sue is the right of Selected Answer: [None Given] Correct Answer: subrogation. 0 out of 2 points Question 6 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 7 Ollie files a petition in bankruptcy. At the moment of filing Selected Answer: [None Given] Correct Answer: an automatic stay goes into effect. 0 out of 2 points Question 8 The first security interest to be perfected is the last in priority over any other perfected security interests. Selected Answer: [None Given] Correct Answer: False 0 out of 2 points Question 9 Elmo files a petition in bankruptcy. If the court concludes that there are grounds for a finding of "substantial abuse," the court will most likely Selected Answer: [None Given] Correct Answer: dismiss Elmo's petition. 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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17 - NR275.BUS.241.35.SP11 - ( [Spring 2011] BUS 241-35:...

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