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Queenie's Construction was general contractor for some remodeling work on Sally's house. Queenie hired Ranchero Painting as a subcontractor on the job. Queenie was responsible
Queenie's Construction was general contractor for some remodeling work on Sally's house. Queenie hired Ranchero Painting as a subcontractor on the job. Queenie was responsible for payment of all subcontractors. After the work was complete, Sally paid Queenie. Queenie took the money and left for Canada without paying the subcontractors. What type of lien would be available to Ranchero Painting? O a. Tax lien O b. Bankruptcy lien O c. Consensual lien O d. Mechanic's lienSylvester was driving without insurance when he caused an accident, injuring Steve. Sylvester's only asset was a yacht. At Steve's request, the court issued a(n) to prevent Sylvester from disposing of or hiding the yacht before the lawsuit was final. 0 a. attachment lien O b. mortgage 0 c. automatic stay 0 cl. Mechanic's lien What is unique about the Uniform Commercial Code as compared to other laws? 0 a. It is a federal law. 0 b. It is a local law that has to be enacted on a count);r level. 0 c. It is a model law that has to be enacted on a state level. 0 d. It is the same worldwide. Which of the following types of collateral would not be security under UCC article 9? O a. Warehouse 0 b.Motor vehicle 0 c. Inventory 0 d. Patent Junior signed a collateral agreement with the bank when he applied for a loan. The bank never approved the loan and never transferred funds to or for Junior. Does the bank have a valid security agreement? 0 a. Yes, they can foreclose O b. No, because the value element has not been met 0 c. Yes, because Junior signed the agreement 0 d. Yes, the bank has rights in the collateral Shonda wants to borrow moneyr from the bank using collateral. What are the requirements for a bornlver rights in collateral? O a. All of these are required. 0 b. The rights must be conveyable O c. The debtor must have some rights in the collateral Q d. The debtor rights could be ownership or partial ownership
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