Heather, Erika, and Shelby are members in HES LL Heather dies. Absent an agreement to the contrary, what is the result?
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1 .Under the Secured Transactions Article of the UCC, all of the following are needed to create an enforceable security interest, except:
A The secured party must give value. B A security agreement must exist. C The debtor must have rights in the collateral. D A financing statement must be filed.
2 .Under the UCC Secured Transactions Article, when collateral is in a secured party's possession, which of the following conditions must also be satisfied to have attachment?
A The secured party must receive consideration. B The debtor must have rights to the collateral. C The public must be notified. D There must be a written security agreement.
3 .Under the Secured Transactions Article of the UCC, which of the following security agreements does not need to be in writing to be enforceable?
A A security agreement where the collateral is highly perishable or subject to wide price fluctuations. B A security agreement collateralizing a debt of less than USD500. C A security agreement involving a purchase money security interest. D A security agreement where the collateral is in the posses...
4 .Under the Secured Transactions Article of the UCC, which of the following items can usually be excluded from a filed original financing statement?
A The amount of the obligation secured. B The name of the debtor. C The address of the debtor. D A description of the collateral.
5 .Lisa is a limited partner in a limited partnership. Jen, one of the other limited partners, is seeking to sell her interest in the partnership to Karen and allow Karen to become a new limited partner. Which of the following statements is true?
A Jen may withdraw from the limited partnership without giving notice to the partnership. B Jen may transfer her interest and make Karen a new limited partner without the approval of the other partners. C Lisa may engage in the management of the limited partnership without losing her limited liabili...
7 .Which of the following transactions would illustrate a secured party perfecting its security interest by taking possession of the collateral?
A A pawnbroker lending money. B A consumer borrowing to buy a car. C A bank receiving a mortgage on real property. D A wholesaler borrowing to purchase inventory.
8 .Under which of the following circumstances would a promoter be relieved of personal liability on contracts entered into while engaged in forming a corporation?
A When the third party, the corporation, and the promoter enter into an agreement to substitute the corporation for the promoter. B When the bylaws of the corporation expressly adopt all preincorporation contracts without novation. C When the contracting party verbally agrees to relieve the promoter...
9 .Under the Secured Transactions Article of the UCC, which of the following purchasers will own consumer goods free of a perfected security interest in the goods?
A A merchant who purchases the goods for resale. B A merchant who purchases the goods for use in its business. C A consumer who purchases the goods in the ordinary course of business. D A consumer who purchases the goods from a consumer purchaser who gave the security interest.
10 .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.
