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Flashcards in Wiley Quiz Deck (16):

Filing allows a creditor to...

Perfect a security interest in securities


A third person's reasonable interpretation of a principal's representations measures...

Apparent authority


Secret limitations

Express limitations of agent's authority that were not known by
3rd party


Express limitations on an agent's authority which are not know by a third party (secret limitations) do...

Not alter an agent's apparent authority


Why do secret limitations not alter an agent's apparent authority? 2

1 Since 3rd party can assume there are no limits on agent's normal authority

2 unless informed to the contrary


Corporations may guarantee the obligations of others when...

This act reasonably furthers the corporation's business


An instrument payable to order and endorsed in blank becomes...

Payable to bearer (bearer paper)


Theft of bearer paper...

constitutes a personal defense


Theft of bearer paper constitutes a personal defense and a holder in due course...2

Takes free of all personal defenses of any party to instrument
With whom he has not dealt


Theft of order paper would constitute a...2

1 Real defense,

2 which holder in due course would take subject to


Proper negotiation of order paper requires...2

Which would necessitate what by theif?

1 Delivery and endorsement

2 necessitate forgery by theif


After a financing statement is filed, a creditor's security interest will be perfected after...

All 3 elements of attachment exist


Working papers may not be transferred to another accountant...

Without the client's permission


Under the 1933 Act, SEC registration statements:

Form S-1

Standard long form


Under the 1933 Act, SEC registration statements:

The SEC adopted Forms S-2 and S-3 to...

Reduce burden of disclosure over form S-1


In a state that has adopted several liability, the CPA firm is...

Only liable for their share of fault

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