This quiz covers the basics of secured transactions under the Uniform Commercial Code, Article 9. It is intended as review for the Bar Exam.
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The secured debt to the disposing creditor
Other secured creditors with an interest in the same collateral who make a demand
Other secured creditors to whom the debtor is in default
The debtor
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Yes
No
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Common law
The UCC
The agreement
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Other secured creditors with an interest in the same collateral who make a demand
Other secured creditors to whom the debtor is in default
The debtor
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Yes
No
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Other secured creditors to whom the debtor is in default
The debtor
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The secured debt to the disposing creditor
The creditor's cost of sale
Other secured creditors with an interest in the same collateral who make a demand
Other secured creditors to whom the debtor is in default
The debtor
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Negotiation
Forced default
Strict foreclosure
Deficiency
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Yes, at any time.
Yes, but only before default.
Yes, but only after default.
Yes, but only by attempting to redeem.
No.
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The debtor
The state
Any secondary obligor
Other parties the seller actually knows have an security interest in the collateral property
Other parties who have filed UCC-1 filings on the collateral property
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The debtor
The state
Any secondary obligor
Other parties the seller actually knows have an security interest in the collateral property
Other parties who have filed UCC-1 filings on the collateral property
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Those customarily sold on a recognized market
Those subject of widely distributed standard price quotations
Those subject to a fixture filing
Those that are perishable
Those that will depreciate quickly
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When the sale is commercially reasonable
When the sale is of an item customarily sold on a recognized market
When there are no other bidders
When the item is the subject of widely distributed standard price quotations
Never
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Foreclosure
90 days have passed
The property is sold
The debtor waives the right of redemption
The creditor makes a UCC-1 filing
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