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1. Which of the given elements should exist for there to be valid, enforceable security agreement?

a. A written security agreement.
b. The creditor must give value to the debtor.
c. The debtor must have an interest in the collateral.
d. A, B, and C.
e. B and C only.

2. Article 9 of UCC doesn't cover security interest in following:

a. Land.
b. Inventory.
c. Equipment.
d. Patents and copyrights.

3. In order for security interest to give secured party protection against claims of other creditors of debtor, security interest should:

a. Terminate debtor's interest.
b. Attach to the subject matter.
c. Become perfected.
d. Entitle the creditor to possession.

4. Which of the given is true about security agreements and financing statements?

a. These are two terms for essentially the same document.
b. Both should be filed in order to perfect a security agreement.
c. Both should exist in order for a security interest to attach.
d. The financing statement gives constructive notice to the world of the existence of the related security agreement.
e. The security agreement is unenforceable until a financing statement has been filed.

5. Which of the given items doesn't need to be included in financing statement?

a. The debtor's name.
b. The debtor's mailing address.
c. The secured party's name.
d. A description of the collateral.
e. What constitutes a default in the underlying loan agreement?

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  • Category:- Accounting Basics
  • Reference No.:- M920398

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