Question

8- Which of the following is NOT one of the ways in which a creditor may perfect a security interest in the collateral?

Filing a financing statement.

All of these are ways a creditor may perfect a security interest in the collateral.

Filing a termination statement.

Taking possession of the collateral

9- Consumer goods, equipment and inventory are all examples of ____________ personal property.

tangible

retained

intangible

unsecured

10- When an employer treats an entire group of people less favorably than other groups of people because of their race, color, national origin, sex or religion this is called ____________ discrimination.

disparate impact

authorized

disparate treatment

unavoidable

11-In a(n) ___________ shop agreement, an employer may hire anyone, whether or not he/she belongs to the union. After he/she has been hired however, the employee must either join the union or pay a fee to help pay for the costs of collective bargaining.

agency

union

right-to-work

closed

12-If the proceeds from the sale of the collateral are not sufficient to satisfy the debt owed to the secured party, the secured party may seek

a foreclosure.

a deficiency judgment.

a future advance.

an anti-deficiency statute

13-Which of the following (according to your textbook) is sometimes referred to as labor's "bill of rights?"

The Landrum-Griffin Act

The National Labor Relations Act

The Norris-LaGuardia Act

The Labor-Management Relations Act

14-A union must give 60-day notice to an employer if its members intend to

boycott the employer's business.

picket.

lockout the employer.

strike.

15-Bankruptcy law is exclusively ___________ law.

contract

state

federal

common

16-When an employer and a labor union are negotiating the terms of a new contract, the subject of wages is

compulsory.

unauthorized.

permissive.

illegal.

17-

A Chapter 13 bankruptcy requires a ___________ be filed no later than 90 days after an order for relief.

list of creditors

bankruptcy estate

plan of payment

petition for discharge

Answer 1

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Question 8

There are only Three Ways to Perfect a Security Interest-

1. . Possession of the Collateral (common law pledge, pawn shop)

Ex: Someone has borrowed money from you in past and never paid back. They want another loan, but you say if you take the loan I want possession of your mountain bike. Security interest which has been both attached to the bike and also been perfected through taking possession of collateral.

2. By attachment of security interest - if the holder has a purchase money security interest (PMSI) in consumer goods, other than motor vehicles or fixtures

Purchase Money Security Interest
- Secured party provides the money or credit to purchase collateral
- Consumer goods: purchased for non-business use.
EX: If I buy a home theater system with the money supplied by the secured party, the security interest in that system is a purchase money security interest

3. Filing a Financial Statement

A written notice of the security interest, must Include:
-Name and address of the debtor
-Name and address of the secured party
- Description of collateral

Thus, the correct answer is Filing a termination statement. It is not one of the way in which creditor may perfect a security interest in the collateral. It is beyond his reach.