Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1,2,3,4 You dont need to explain just answer FALL, 2021 3. Perfection of a security interest permits the secured party to protect its rights by
1,2,3,4
You dont need to explain just answer
FALL, 2021 3. Perfection of a security interest permits the secured party to protect its rights by 1. Under the UCC Secured Transactions Article, for a security interest to attach, the A. Debtor must agree to the creation of the security interest. B. Creditor must properly file a financing statement C. Debtor must have title to the collateral. D. Creditor must be in possession of part of the collateral. A. Avoiding the need to file a financing statement B. Preventing another creditor from obtaining a security interest in the same collateral. C. Establishing priority over the claims of most subsequent secured creditors. D. Denying the debtor the right to possess the collateral. 2. Under the UCC Secured Transactions, Article, which of the following after-acquired property may be covered by a debtor's security agreement with a secured lender? 4. Burn Manufacturing borrowed $500,000 from Howard Finance Co., secured by Burn's current and future inventory, accounts receivable, and its proceeds. Burn's representative authenticated a sufficient security agreement that described the collateral. The security agreement was filed in the appropriate state office. Burn subsequently defaulted on the repayment of the loan, and Howard attempted to enforce its security interest. Burn contended that Howard's security interest was unenforceable. In addition, Green, who subsequently gave credit to Burn without knowledge of Howard's security interest and filed a financing statement but did not have a purchase money security interest (PMSI) in inventory, is also attempting to defeat Howard's alleged security interest. The security interest in question is valid with respect to A. B. C. Inventory Equipment Yes Yes Yes No No Yes No No D A. Both Burn and Green. B. Neither Burn nor Green. C. Burn but not Green. D. Green but not BurnStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started