Test 1 Quizzes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
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| A mechanic's lien can be enforced to obtain payment for work that adds value to personal property. | False
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| Federal law governs mechanic's liens | False
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| A creditor with a mechanic's lien on property can prevent the sale of the property but cannot sell the property to satisfy the debt. | False
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| A debt does not have to be past due before a creditor can begin legal action against a debtor. | False
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| fact pattern: To collect the debt, Standard Carpenters may place on Ruth's property | B. a Mechanic's lien
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| fact pattern: Standard Carpenters is | B. a lien creditor
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| Ann owes Ben $500 on their contract, but refuses to pay. To collect, Ben files a mechanic's lien, under which security for the debt is represented by | B. Ann's real estate
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| A+ Auto Dealers holds a lien for $5,000 on Bob's sport utility vehicle. This lien has priority over | C. a lien filed under Article 9 of the UCC and a bailee's lien.
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| Aaron, a jeweler, repairs Beth's necklace and returns it to her even though she does not pay for the repairs. To recover payment, Aaron can claim | D. none of the above
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| Ace Credit Company believes taht its debtor Kathy may dispose of the assets that Ace expects to recieve as payment for her obligation before Ace can obtain a judgement. Ace may seek to have an appropriate court issue a writ of | A. attatchment
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| As a prejudgement remedy to collect a debt, Friendly Loan Company could use | A attatchement
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| A security interest is enforceable only if the collateral is in the possession of the secured party | False
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| A securitly agreement's description of collateral as "all the debtor's assets" is sufficient to reasonably identify the property. | False
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| Filing a financing statement with the appropriate public office is the only way to perfect a purchase-money security interest in consumer goods. | False
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| A financing statement cannot be ammended once it has been filed. | False
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| To qualify as a commercially reasonable sale, a secured party's sale of collateral, after the debtor's default and the creditor's taking possession of hte property, must be public. | False
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| fact pattern:Greg buys an Excel from Fine and buries it in the ground as a protest against air pollution. Considered a politically charged work of art, Greg's Excel is | B. an accession
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| fact pattern: Holly, a professional driver, buys an Excel from Fine to drive in a Grand Prix race. Holly's Excel is | C. equipment
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| First Financial, Inc. files a financing statement regarding a transaction with Great Electronics Company. To be valid, the financing statement must contain all of the following except | B. a statement of the purpose for the transaction.
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| Mike lives in New Jersey, but he works in New York. Mike borrows $1,000 from National Bank, using his boat as collatoral. The boat is docked in New York. To perfect its security interest, the bank should file its financing statement in | B. New York only
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| Pure Capital Corporation wants to perfect a security interest in a negotioable instrument owned by Quality Investments, Inc. This can be accomplished by | B. only be taking possession of the instrument
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| A+ Loan Corporation has a security interest in the proceeds from the sale of collateral owned by Best Market Stores, Inc. This interest may remain perfected for longer than twenty days after Best recieves the proceeds if | C either a or b
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| Ira holds a security interest in inventory owned by Jan. Ira assigns his interest in the inventory to Kyle. Kyle becomes the secured party of record | C. if Kyle files a uniform amendment form.
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Created by:
kemmert
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