Security interest-bank must file financing statement with

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Reference no: EM131469026

1. Fiona borrows $1,000 from Garden State Bank, using her motorcycle as col-lateral. To perfect its security interest, the bank must file its financing statement with

A. The secretary of state

B. The ward alderman

C. The county clerk

D. The city treasurer

2. Hal’s Hardware store defaults on a debt to Intrastate Bank, which takes possession of the collateral securing the debt. Intrastate sells the collat-eral. The proceeds from the sale are applied first to

A. Hal’s debt to Intrastate

B. Payments Hal’s made on the debt to Intrastate

C. Hal’s debts to other creditors

D. Intrastate’s fees for the sale

3. Idle Investments, Inc., and Harbor Bank are secured parties with secu-rity interests in property owned by GR8 Manufacturing Corporation Priority between these security interests is generally determined by

A. The time the security agreement was signed

B. The amount of the claim

C. The time of perfection

D. The custom in the trade

Reference no: EM131469026

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