Ch._20_21_Quiz_ sandipyadav3186

Ch._20_21_Quiz_ sandipyadav3186 - Name :- Sandip Yadav...

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Name :- Sandip Yadav Grade BUSINESS LAW I University of Northern Virginia QUIZ ON CHAPTERS 20 AND 21 T RUE -F ALSE Q UESTIONS 1. Collateral is the subject of a security interest. Ans :- TRUE 2. A secured party is one who owes the payment of a secured obligation. A NS :- FALSE 3. A security interest is enforceable only if the collateral is  not  in the debtor’s  possession.   Ans:- FALSE 4. A financing statement is  not  effective if it is filed electronically. Ans:-  TRUE 5. An improper filing renders a secured party unperfected.  TRUE FALSE 6. The concept of the floating lien applies to after-acquired inventory. TRUE FALSE 7. The concept of the floating lien does  not  apply to future advances.  TRUE FALSE 8. A perfected security interest will always have priority over an unperfected  security interest in the same collateral.    TRUE FALSE 9. A buyer in the ordinary course of business takes goods free of any security 
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This document was uploaded on 05/31/2011.

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Ch._20_21_Quiz_ sandipyadav3186 - Name :- Sandip Yadav...

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