To perfect a security interest, one may take a purchase-money security interest in consumer goods. True False Question 12 (4 points) The legal process of garnishment allows a creditor to sell the collateral in its possession when the debtor defaults. True False Question 13 (4 points) A party contracts to guaranty the collection of the debts of another. As a result of the guaranty, the creditor, upon debtor's default, can immediately proceed against the guarantor without further notice. True False Question 14 (4 points) Hudson National Bank files a financing statement regarding a transaction with EcoVibes. To be valid, the financing statement must contain both the debtor's and creditor's signatures. True