Securing the loan with property owned by seth

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Reference no: EM133901334

Question

Great State Bank loans money to Seth, securing the loan with property owned by Seth. Great State Bank is advised by its attorney to file a financing statement. Great State Bank doesn't understand why it should spend the extra money for this filing, since Seth has told them that he has no other creditors. Why should Great State Bank file a financing statement?

a) The financing statement will protect Great State's priority rights with other creditors by giving notice to other creditors that it claims a security interest in the collateral.

b) The financing statement allows Great State Bank to repossess the collateral on default without a court order.

c) There are criminal penalties for failing to file.

d) Filing the financing statement is necessary to complete the attachment requirement in order to create a security interest.

Listen Which of the following is an example of a purchase money security interest in consumer goods?

a) A doctor purchasing a computer on credit to create a Webpage to make services and information available to her patients

b) A doctor purchasing a TV/VCR unit on credit to place in her office waiting room

c) A doctor purchasing an exercise bike for his employees to use over the lunch hour

d) A doctor purchasing on credit a blood glucose monitor to check his own blood sugar levels.

Reference no: EM133901334

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