Business Law

1. Unsecured credit means the creditor grants credit without any collateral. True or False?

2. The Truth-in-Lending Act requires creditors to make numerous disclosures. The purpose of these disclosures is to enable consumers to easily compare the cost of credit. True or False?

3. The date of attachment is more important for determining priorites than the date of perfection. True or False?

4. Under the UCC, two parties cannot have an interest in the same colleateral. True or False?

5. attachment is the process by which the secured party and the debtor create the security interest and thereby confer on the secured party certain rights to the collateral. True or False?

6. perfection is the first step the creditor takes in order to make the security interest enforceable. True or False?

7. Generally, Article 9 of the UCC applies to security interests in real and personal property. True or False?

8. The borrower in a secured transaction is called the " security party". True or False?