1) Article 9 of the Uniform Commercial Code does not include general intangibles, such as copyrights and software, in its definition of personal property.
True
False
2) Change of possession of commercial collateral from the debtor to the creditor/secured party perfects the security interest.
True
False
3) Under Article 9 of the UCC, in which order are proceeds from the sale of collateral by the creditor to be distributed?
First, any expenses of repossessing the collateral are paid. Second, the proceeds are used to satisfy the debt. Third, any other junior liens are paid. Finally, if any proceeds remain, the debtor is entitled to them.
First, the proceeds are used to satisfy the debt. Second, junior liens are paid. Third, any expenses of repossessing the collateral are paid. Finally, if any proceeds remain, the debtor is entitled to them.
First, the proceeds are used to satisfy the debt. Second, any expenses of repossessing the collateral. Lastly, the debtor is entitled to remaining proceeds. Finally, if any proceeds remain, the debtor is entitled to them.
First, the junior liens are paid. Second, any expenses of repossessing the collateral are paid. Third, the proceeds are used to satisfy the debt. Finally, if any proceeds remain, the debtor is entitled to them.
4)A financing statement is valid for a period of:
five years from the date of filing.
one year from the date of filing.
two months from the date of filing.
five months from the date of filing.
5)The law covering security interests in personal property is contained in:
Article 6 of the Uniform Commercial Code.
Article 4 of the Uniform Commercial Code.
Article 3 of the Uniform Commercial Code.
Article 9 of the Uniform Commercial Code.