Examlex
One of the solar instruments on a satellite has three major parts which must all operate.Two have reliabilities of .7,and the other has a reliability of .9.In case the system fails,there is an identical backup system for each component which kicks on automatically.The overall reliability of the system,including the backups,is closest to:
Perfection by Possession
A process in secured transactions where a creditor secures an interest in the collateral by taking physical possession of it, ensuring priority over other creditors.
Perfection by Filing
A legal process involving the filing of documents to protect a secured interest in a debtor's collateral, ensuring priority over claims from other creditors.
Financing Statement
A document filed to give public notice of a security interest in personal property, which is usually part of a secured transaction.
UCC
Stands for Uniform Commercial Code, a comprehensive set of laws governing commercial transactions in the United States.
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