Advanced Debtor-Creditor Relations and Secured Transactions :

1.

If a state passes a law giving the first lender to record its mortgage priority over all other lenders that might have an interest in the same parcel of real estate, then this state has adopted a ______________ statute.

notice

race

race-notice

None of these is correct.

2.

Suppose you have defaulted on your home loan and the bank has foreclosed on the property and obtained a deficiency judgment against you. In trying to collect on this judgment, which of the following remedies is the bank not permitted to obtain?

Writ of payment

Writ of garnishment

Writ of attachment

Writ of execution

3.

Which of the following is not a requirement to form a valid security agreement?

It must adequately describe the collateral.

It must be signed by the debtor.

It must be recorded with the county recorder.

It must contain the terms of the loan repayment.

dont answer by pen paper