Under the UCC Secured Transactions Article, which of the following statements is correct concerning the disposition of collateral by a secured creditor after a debtor's default?
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1 .Taso Corp. sells laptop computers to the public. Taso sold and delivered a laptop to Cara on credit. Cara gave Taso a purchase money security interest in the laptop by executing and delivering to Taso a promissory note for the purchase price and a security agreement covering the laptop. Cara purchased the laptop for personal use. Taso did not file a financing statement. Under the Secured Transactions Article of the UCC, is Taso's security interest perfected?
A Yes, because it was perfected at the time of attachment. B No, because the laptop is a consumer good. C Yes, because Taso retained possession of the collateral. D No, because Taso failed to file a financing statement.
2 .Which of the following acts is most likely to cause a court to pierce the corporate veil?
A Retention of excess capital. B Using corporate assets for the owner's personal purposes. C Failure to designate a registered agent in the articles of incorporation (Charter). D Failure to conduct a significant portion of business in the chartering state.
3 .Second Best Buy, In, is a retailer of small appliances. Second Best Buy gives Chase Financial Corporation a security interest in the inventory owned by Second Best Buy, InC. Chase files a financing statement to perfect its interest. Who has higher priority in the collateral than Chase?
A The stockholders of Second Best Buy. B A subsequent lien creditor. C A buyer in the ordinary course of Second Best Buy's business. D A subsequent trustee in bankruptcy.
4 .Under the UCC Secured Transactions Article, which of the following actions will best perfect a security interest in a negotiable instrument against any other party?
A Perfecting by attachment. B Obtaining a duly executed financing statement. C Taking possession of the instrument. D Filing a security agreement.
5 .Which of the following actions is required to ensure the validity of a contract between a corporation and a director of the corporation?
A The director must resign from the board of directors. B The shareholders must review and ratify the contract. C An independent appraiser must render to the board of directors a fairness opinion on the contract. D The director must disclose the interest to the independent members of the board and r...
7 .Drew bought a computer for personal use from Hale Corp. for USD3,000. Drew paid USD2,000 in cash and signed a security agreement for the balance. Hale properly filed the security agreement. Drew defaulted in paying the balance of the purchase price. Hale asked Drew to pay the balance. When Drew refused, Hale peacefully repossessed the computer.Under the UCC Secured Transactions Article, which of the following rights will Drew have?
A Prevent Hale from selling the computer. B Recover the sale price from Hale after Hale sells the computer. C Redeem the computer after Hale sells it. D Force Hale to sell the computer.
8 .A parent corporation owned more than 90% of each class of the outstanding stock issued by a subsidiary corporation and decided to merge that subsidiary into itself. Under the Revised Model Business Corporation Act, which of the following actions must be taken?
A The subsidiary corporation's board of directors must pass a merger resolution. B The parent corporation's dissenting stockholders must be given an appraisal remedy. C The parent corporation's stockholders must approve the merger. D The subsidiary corporation's dissenting stockholders must be given...
9 .Under the Revised Model Business Corporation Act, a merger of two public corporations usually requires all of the following, except:
A Receipt of voting stock by all stockholders of the original corporations. B An affirmative vote by the holders of a majority of each corporation's voting shares. C A formal plan of merger. D Approval by the board of directors of each corporation.
10 .Which of the following types of debtor are not eligible for relief under Chapter 11 of the Bankruptcy Code?
A Individuals. B Railroads. C Airlines. D Stockbrokers.
