The first-in-time rule means that the first creditor to file or protect his or her interest...

The first-in-time rule means that the first creditor to file or protect his or her interest will have ________ in the collateral.

A.)		A purchase option.
B.)		Superiority.
C.)		Priority.
D.)		Immediate ownership interest.

The document that creditors file to protect a security interest is known as a _______.

A.)		Title.
B.)		Debtor Creditor agreement.
C.)		Financing statement.
D.)		Lien.

A ________ is a sales transaction arranged by the seller to benefit a buyer who pays an unreasonably low price for the item sold.

A.)		Fraud in the inducement.
B.)		Blue Sky transfer.
C.)		Sale under duress.
D.)		Sham sale.

Creditors who depend only upon the debtor's promise to pay are ________ creditors.

A.)		Unsecured.
B.)		Spendthrift.
C.)		Disinterested.
D.)		Unprotected.

If a foreclosure sale is commercially reasonable but does not produce enough to satisfy the debtor's debts, the _______ is liable for any deficiency.

A.)		Debtor.
B.)		Creditor.
C.)		Bank.
D.)		Federal Government.

Expert Solution

C Priority. Correct option

D Lien. Correct option

D Sham sale. Correct option

A Unsecured. Correct option

A Debtor. Correct option

keosha answered 2 years ago

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