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19 - 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 6:14 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 Select Furniture Store sells household consumer goods. To create a purchase-money security interest, Select Furniture must Selected Answer: [None Given] Correct Answer: extend credit for part or all of the purchase price of the goods. 0 out of 2 points Question 2 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 3 A purchase-money security interest in consumer goods is perfected automatically at the time of a credit sale. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 4 A creditor with a mechanic's lien on property can sell the property to satisfy the debt. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 5 Fact Pattern 16-1 General Leasing Company (GLC) buys equipment for use as inventory, borrowing $1 million from Helpful Finance Corporation 0 out of 2 points NR275.BUS.241.35.SP ([Spring 2011] BUS 241-35: Business Law I) Announcements Faculty & Course Informatio Assignments Course Documents Discussion Board My Grades Communication Tools Resources
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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. 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 When two conflicting security interests are unperfected, the first to attach has priority. Selected Answer: [None Given] Correct Answer: True 0 out of 2 points Question 8 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.
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