Homework Help is Here – Start Your Trial Now!
Business
Business Law
Questions 16 and 17, please

Questions 16 and 17, please

icon
Related questions
Question
Questions 16 and 17, please
The term is the designation for property acquired by the debtor after a security agreement covering the property is made. O post-acquired property O post-dated property O after-acquired property O profits O subsequently acquired property QUESTION 16 The party that perfects its interest in collateral has first claim, when two parties have an interest in the same collateral. O True O False QUESTION 17 The buyer can obtain the good involved free of any security interest, if a buyer purchases chattel paper in the ordinary course of business and without notice of any prior security interest. O True O False QUESTION 18 On January 1, Yuka purchases a pickup truck in Arizona and the car dealership properly perfects its security interest in the truck. On February 1, Yuka moves to Colorado and takes out a loan with Rocky Bank to start an internet business, using the truck as collateral. Rocky Bank properly perfects its security interest in the truck. Yuka never opens her business, stops making payments on the truck, and leaves town on December 31. Which creditor's security interest has priority? The dealership because it properly perfected its security interest before Rocky Bank. Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Transcribed Image Text:The term is the designation for property acquired by the debtor after a security agreement covering the property is made. O post-acquired property O post-dated property O after-acquired property O profits O subsequently acquired property QUESTION 16 The party that perfects its interest in collateral has first claim, when two parties have an interest in the same collateral. O True O False QUESTION 17 The buyer can obtain the good involved free of any security interest, if a buyer purchases chattel paper in the ordinary course of business and without notice of any prior security interest. O True O False QUESTION 18 On January 1, Yuka purchases a pickup truck in Arizona and the car dealership properly perfects its security interest in the truck. On February 1, Yuka moves to Colorado and takes out a loan with Rocky Bank to start an internet business, using the truck as collateral. Rocky Bank properly perfects its security interest in the truck. Yuka never opens her business, stops making payments on the truck, and leaves town on December 31. Which creditor's security interest has priority? The dealership because it properly perfected its security interest before Rocky Bank. Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 5 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer