Mod 29 Wrong Answers Flashcards Preview

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Flashcards in Mod 29 Wrong Answers Deck (5)
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1
Q

The best way to perfect s security interest in a negotiable instrument is to take possession of the instrument. This is true because…

A

Negotiable instruments are easily negotiated to other holders who
can become holders in due course

2
Q

Perfecting by attachment, requires…

A

Money security interest in consumer goods

3
Q

Upon the debtor’s default, the secured party may…

A

Take possession of the collateral and sell it

4
Q

A good faith purchaser for value buys the collateral…

A

Free of any liens or security interests

5
Q

In general, the best way to perfect a security interest in a negotiable instrument is to…

A

The possession of the instrument

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