QUESTION 11 A surety's right of subrogation means that if the surety has to pay the principal's obligation, the surety acquires all the rights that the creditor had against the principal. True False True False QUESTION 12 Possessory liens include common law liens. True False True False QUESTION 13 A recorded financing statement will defeat the rights of a bona fide purchaser. True False True False QUESTION 14 When a store sells consumer goods to a consumer on credit, its security interest in the goods will not be perfected until the store files a financing statement. True False QUESTION 14 When a store sells consumer goods to a consumer on credit, its security interest in the goods will not be perfected until the store files a financing statement. True False True False QUESTION 15 Under the UCC, when more than one security interest in the same collateral has been filed (or otherwise perfected), the first security interest to be filed (or perfected) has priority over any that is filed (or perfected) later. True False True False QUESTION 11 A surety's right of subrogation means that if the surety has to pay the principal's obligation, the surety acquires all the rights that the creditor had against the principal. True False True False QUESTION 12 Possessory liens include common law liens. True False True False QUESTION 13 A recorded financing statement will defeat the rights of a bona fide purchaser. True False True False QUESTION 14 When a store sells consumer goods to a consumer on credit, its security interest in the goods will not be perfected until the store files a financing statement. True False QUESTION 14 When a store sells consumer goods to a consumer on credit, its security interest in the goods will not be perfected until the store files a financing statement. True False True False QUESTION 15 Under the UCC, when more than one security interest in the same collateral has been filed (or otherwise perfected), the first security interest to be filed (or perfected) has priority over any that is filed (or perfected) later. True False True False