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WA Bar Exam - Secured Transactions

カード 20枚 作成者: gabriel (作成日: 2013/12/09)

  • Operative law

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  • 1

    Operative law

    補足(例文と訳など)

    答え

    • This question is governed by UCC Article 9 because it involves security interests in personal property and fixtures.

    解説

  • 2

    Buyers of collateral - general rule

    補足(例文と訳など)

    答え

    • Unless an exception applies, if the collateral is sold without the secured party's consent:. 1) buyer in good faith will defeat an UNPERFECTED security interest in collateral. 2) Buyer in good faith will lose to a PERFECTED security interest

    解説

  • 3

    Perfecting the interest - general rule

    補足(例文と訳など)

    答え

    • A perfected security interest is enforceable against any subsequent claimant, including secured parties, buyers, and lien creditors

    解説

  • 4

    Proceeds of post-repossession sale

    補足(例文と訳など)

    答え

    • Applied to the secured party's expenses of sale and the secured debt, then to junior secured parties, and then any surplus goes to the debtor who ALSO remains liable for any deficiency

    解説

  • 5

    Attachment - general rule

    補足(例文と訳など)

    答え

    • Attachment occurs when:

    解説

  • 6

    Remedy after repossession

    補足(例文と訳など)

    答え

    • TThe secured party may sell the collateral but must give notice of the sale to the debtor and any other secred party of record and every aspect of the sale must be commercially reasonable

    解説

  • 7

    Who wins, perfected vs. PMSI in equipment?

    補足(例文と訳など)

    答え

    • A secured party with a PMSI in EQUIPMENT has first priority if he perfects before or within 20 days after the debtor receives possession of the collateral. If the collateral is INVENTORY, then BEFORE debtor receives the collateral, the PMSI must both

    解説

  • 8

    Fixture filings

    補足(例文と訳など)

    答え

    • A fixture filing contains a real property description and is filed in the county auditor's office. The financing statement must be filed in the department of licensing in Olympia UNLESS the collateral is fixtures. If the collateral is FIXTURES, it must be filed in the COUNTY AUDITOR'S OFFICE where the fixture is located

    解説

  • 9

    Three challenges to written security agreement

    補足(例文と訳など)

    答え

    • 1) Did the debtor sign a written security agreement. 2) Does it correctly identify the collateral. 3) Did the debtor create a pledge? A security agreement is any writing stating that the debtor grants to the creditor a security interest in the identified collateral

    解説

  • 10

    Debtor default

    補足(例文と訳など)

    答え

    • The secured party may proceed by self-help repossession if it can be done without breach of the peace; otherwise it must use replevin

    解説

  • 11

    Correct identification of collateral

    補足(例文と訳など)

    答え

    • The correct classification of collateral is determined by the debtor's primary intended use at the time of attachment

    解説

  • 12

    After acquired property clause

    補足(例文と訳など)

    答え

    • Article 9 permits a debtor to grant a security interest in property to be acquired at a later time, except for consumer goods taken as additional collateral more than 10 days after attachment

    解説

  • 13

    Creation of a pledge

    補足(例文と訳など)

    答え

    • A debtor creates a pledge by giving possession of the collateral to the secured party under an oral security agreement

    解説

  • 14

    Motor vehicle perfection

    補足(例文と訳など)

    答え

    • Perfection of a motor vehicle security interest requires endorsement on the financing statement

    解説

  • 15

    Garage sale buyer

    補足(例文と訳など)

    答え

    • Takes free of a perfected security interest if seller and buyer hold the goods as consumer goods, the buyer is a BFP, and the security interest is unfiled. A secured party with perfected interest in collateral takes same priority in proceeds received when debtor sells the collateral and remains perfected in cash proceeds as long as they are identifiable

    解説

  • 16

    Purchase money security interest - general rule

    補足(例文と訳など)

    答え

    • A purchase money security interest secures repayment of a debt that enabled the debtor to buy the collateral. A purchase money security interest requires a signed security agreement granting the security interest to the seller and, if a loan, it must be intended for and actually used for the purchase of collateral

    解説

  • 17

    Automatic perfection

    補足(例文と訳など)

    答え

    • Only available for purchase money security interest in consumer goods. The secured party is protected only for so long as she possesses the collateral pursuant to a written or oral security agreement

    解説

  • 18

    Gap BFP

    補足(例文と訳など)

    答え

    • This interest loses to a purchase money security interest who perfects within 20 days of debtor's receipt of possession of the collateral. (Takes free of a perfected security interest in inventory)

    解説

  • 19

    Who wins, unperfected vs. unperfected?

    補足(例文と訳など)

    答え

    • First to attach wins. Perfected interest wins

    解説

  • 20

    Who wins, perfected vs. perfected?

    補足(例文と訳など)

    答え

    • First to file or perfect, UNLESS there is PMSI

    解説

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