As an alternative to resale, the secured creditor in most instances may retain the collateral in full settlement of the debt.

Records of secured transactions may be properly filed centrally in the office of the secretary of state or an office in the county where the goods are located, or both.

If the debtor defaults, the secured creditor who does not have possession of the collateral may take possession of it as long as there is no breach of peace.

Bankruptcy laws protect only the debtors.

Usury laws that set maximum interest rates usually apply only to loans of money.

A security interest is created when

Which of the following is not considered a class of goods for tangible property used as collateral?

A person who has not been paid for labor to build a home is allowed to file a legal claim against the property under

Betty's home needs to be painted. Her nephew, Dwight, has agreed to paint her house if she will provide the paint and pay him $700. Dwight is unreliable, and Betty fears that he will start the job and not finish it. Dwight gives Betty his car and the keys to the car to hold as his guarantee that he will fulfill his obligation to her. In this situation, Betty is the

A brief written notice of the existence of a security interest in identified property that is filed with the appropriate governmental office is

Maxine charged the $729 purchase of a new TV on her credit card. The TV, however, was defective. What federal law will allow her to withhold payment on her credit card for the defective TV without being held liable for the entire amount owed?

The first to be paid from the proceeds of a bankruptcy liquidation would be for

The acknowledgment of the full payment that informs potential buyers and creditors that the property is no longer collateral is called

The loss or theft of a credit card

The primary difference between a suretyship and a guarantorship is

Which of the following is not an exemption from liquidation under the federal schedule in Chapter 7 bankruptcy?

Certain types of claims that cannot be discharged by bankruptcy might include

When the net proceeds from repossessed, resold goods are more than the balance due, the excess is

Sergio owns $10,000 of stock in JeanWear, Inc. His stock certificates are legal, valuable representation of evidence of his ownership in the corporation. Stocks, bonds, and other commercial papers are examples of the classification of collateral known as ________________ property.

Enter the appropriate word(s) to complete the statement. 37. Bev has her car towed to Casiano's Garage. Casiano agrees to pay the towing charge and examine Bev's car and then make the necessary repairs to it. After two weeks, however, Bev neither picks up her car nor pays for the towing charges and repairs. Casiano can retain possession of Bev's car until payment is made. This type of involuntary possession is known as a(n) ____________________.

Enter the appropriate word(s) to complete the statement. 38. Ta-pei owes First Class Boats over $4,000 in boat and equipment rentals. First Class Boats files a valid claim with the court in order to receive a portion of Ta-pei's wages directly from his paycheck. This type of creditor protection is known as ____________________.

A contract or clause that is grossly unfair and oppressive to a debtor is said to be ____________________.

Enter the appropriate word(s) to complete the statement. 43. Luis contacts a local finance company in hopes of obtaining a $2,000 loan for a family vacation. The finance company will loan Luis the money if he promises to use his ownership rights in his big screen television as security for the loan. Throughout the duration of the loan, Luis will, however, maintain possession of his big screen television. Luis' arrangement is known as a(n) ____________________.

After Leo was laid off he temporarily had difficulty in paying some of his credit cards and other accounts. He was delinquent four months on his payment to Household Furniture, the company that financed the loan for his new living room furniture. Household Furniture perfected their interest in debt by repossessing the furniture used as collateral on the loan. Two weeks later, however, Leo was able to pay the balance due as well as his creditor's expenses and can reclaim the furniture for Household Furniture had disposed of it. In this situation, Leo is said to have _______________ the collateral.