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Maria buys a $3,000 high-definition plasma television for her home on credit extended by the seller, CC. CC requires Maria to sign a security agreement.
Maria buys a $3,000 high-definition plasma television for her home on credit extended by the seller, CC. CC requires Maria to sign a security agreement. CC has a interest in the television that is automatically perfected at the time of the credit sale. Select one: O A. Purchase money security O B. Cumulative security O C. Future advance monetary O D. Default Larry buys a used car from Kent. He pays 12 percent of the cost down and signs a negotiable promissory note promising to pay Kent the remainder of the purchase price, with interest, in 12 equal monthly installments. At the time of sale, Kent lied about the mileage of the automobile. Later, Kent negotiated the note to Emily, who has no notice of the lie. Emily, a holder in due course (HDC), negotiated the note to Richard as a gift. Which of the following is Richard in regards to the promissory note? Select one: O A. An assignor OB. A holder O C. An assignee OD. A holder in due course Maria buys a $3,000 high-definition plasma television for her home on credit extended by the seller, CC. CC requires Maria to sign a security agreement. CC has a interest in the television that is automatically perfected at the time of the credit sale. Select one: O A. Purchase money security O B. Cumulative security O C. Future advance monetary O D. Default Larry buys a used car from Kent. He pays 12 percent of the cost down and signs a negotiable promissory note promising to pay Kent the remainder of the purchase price, with interest, in 12 equal monthly installments. At the time of sale, Kent lied about the mileage of the automobile. Later, Kent negotiated the note to Emily, who has no notice of the lie. Emily, a holder in due course (HDC), negotiated the note to Richard as a gift. Which of the following is Richard in regards to the promissory note? Select one: O A. An assignor OB. A holder O C. An assignee OD. A holder in due course
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