Creditors’ Rights and Secured Transactions Self-Quiz
In order to “perfect”
its security interest, a PMSI holder must:
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JoeCo provides brooms to
Janitorial Retailer, Inc. ShineTime, Inc. provides Janitorial Retailer,
Inc. with the soap it uses to clean its own floors but does not sell to
customers. Both JoeCo and ShineTime are secured lenders to Janitorial
Retailer, and both have “after acquired” clauses in their
contracts. In a dispute, __________ will have a preferred interest in
the assets of Janitorial Retailer because:
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Tim is planning to make a
loan to Shauna. Because of the size of the loan, Tim is requiring that
Shauna offer up her prized collection of Pez Heads as collateral. In order
to most quickly perfect his security interest, Tim would be advised to:
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Ultimately, the primary goal
of “secured transaction” law is to:
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