©JUSTTRACY EXAM SOLUTIONS
08/11/2024 3:12PM
MHR 461 Ch13 Secured transactions Exam
Questions and Answers
A buyer in the ordinary course of business takes collateral free of a perfected security interest
created by the buyer's seller. - answers✔✔True
A buyer of goods who buys without knowledge of a security interest, for value, and primarily
for personal, family, or household purposes takes the goods: - answers✔✔free of any
purchase money security interest automatically perfected.
A debtor must sign a written security agreement for a pledge used to secure a loan. -
answers✔✔False
"Attachment" occurs when a secured party has given value, the debtor acquires rights in the
collateral, and the: - answers✔✔debtor and secured party have an agreement.
An automobile buyer in the ordinary course of business will take free and clear of a security
interest created by the buyer's seller. - answers✔✔True
A perfected security interest has priority over: - answers✔✔both an inperfected security
interest and a lien creditor who acquires a lien after perfection.
Article 9 applies to secured transactions in both real and personal property. -
answers✔✔False
As a general rule, for purposes of attachment of a security interest, a debtor is deemed to have
rights in collateral that she: - answers✔✔owns.
has in her possession.
is in the process of acquiring from a seller.
08/11/2024 3:12PM
MHR 461 Ch13 Secured transactions Exam
Questions and Answers
A buyer in the ordinary course of business takes collateral free of a perfected security interest
created by the buyer's seller. - answers✔✔True
A buyer of goods who buys without knowledge of a security interest, for value, and primarily
for personal, family, or household purposes takes the goods: - answers✔✔free of any
purchase money security interest automatically perfected.
A debtor must sign a written security agreement for a pledge used to secure a loan. -
answers✔✔False
"Attachment" occurs when a secured party has given value, the debtor acquires rights in the
collateral, and the: - answers✔✔debtor and secured party have an agreement.
An automobile buyer in the ordinary course of business will take free and clear of a security
interest created by the buyer's seller. - answers✔✔True
A perfected security interest has priority over: - answers✔✔both an inperfected security
interest and a lien creditor who acquires a lien after perfection.
Article 9 applies to secured transactions in both real and personal property. -
answers✔✔False
As a general rule, for purposes of attachment of a security interest, a debtor is deemed to have
rights in collateral that she: - answers✔✔owns.
has in her possession.
is in the process of acquiring from a seller.
