Which of the Following Is True About Perfection of a Security

question 78

Multiple Choice

Which of the following is true about perfection of a security interest in a motor vehicle?

• A) Perfection can be obtained only by possession.
• B) Motor vehicles are exempted from the automatic perfection rule.
• C) Because they are mobile, a financing statement must generally be filed in every state.
• D) There can be no perfected security interest in a motor vehicle.
• E) Perfection of a security interest in a motor vehicle can occur only in situations where credit is extended to purchase the motor vehicle.

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Definitions:

Collective Willingness

The aggregate propensity of a group to invest in goods, services, or actions that benefit the community or society as a whole.

Public Good

This refers to goods or services made available to all societal members at no cost, delivered by the government or private sectors, with no intent of making a profit.

Marginal Cost

The growth in the cumulative expense incurred from creating one more unit of a product or service.

Nonrival

A characteristic of a good or service where its use by one person does not reduce its availability to others.