Question
A ________ is a sales transaction arranged by the seller to benefit a buyer who pays an unreasonably low price for the item sold. QUESTION
A ________ is a sales transaction arranged by the seller to benefit a buyer who pays an unreasonably low price for the item sold.
QUESTION 1
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QUESTION 2
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________ of a security interest provides protection to secured parties from third parties who may later make claims against the secured collateral.
Establishment.
Enforcement.
Attachment.
Perfection.
QUESTION 3
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Which of the following is not a benefit of a PMSI?
A PMSI in consumer good is automatically perfected.
A PMSI creditor in consumer goods can keep the goods in strict foreclosure over the objections of the debtor.
A later creditor with in PMSI in inventory can get priority over an earlier creditor with a floating lien in the inventory if proper procedures are followed.
A later creditor with a PMSI in non-inventory can get priority over an earlier non-PMSI creditor in the same collateral if proper procedures are followed.
QUESTION 4
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If a foreclosure sale is commercially reasonable but does not produce enough to satisfy the debtor's debts, the _______ is liable for any deficiency.
Debtor.
Creditor.
Bank.
Federal Government.
QUESTION 5
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Whatever is received when collateral is sold, exchanged, collected or otherwise disposed of is known as the _________.
Proceeds.
Acquisition costs.
Purchase money.
Future advance.
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