REVIEW QUESTIONS 1. Name three different ways that debt can be created. 2. Who is the maker" of a promissory note? Who is the payee" of the note? 3. Define "debtor" and "creditor" and explain the difference between the two. 4. What is an acceleration clause in a promissory note? 5. What does it mean to say that a promissory note is nonrecourse? 6. When does a security interest in personal property "attach" to the collat- eral? When does a security interest in real property "attach" to the realty? 7. What is a purchase money security interest and what is the significance of it in the context of the perfection of a security interest in some personal property? 8. Explain why an unperfected security interest in personal or real property leaves the collateral vulnerable to the claims of other secured or unsecured creditors of the debtor seeking recourse to it to satisfy their claims. 9. What are the three kinds of recording statutes for realty used by the various states and how do they differ? 10. Explain the difference between a surety being primarily liable along with the debtor for the obligation and a guarantor being only secondarily liable for the obligation. Other than payment of the underlying obligation, how can a guarantor be relieved of the guaranty obligation