Use Concrete Activities When Teaching Abstract Concepts

question 10

True/False

Use concrete activities when teaching abstract concepts.

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Definitions:

Collateral

An asset offered by a borrower to secure a loan or other credit, which the lender can seize if the loan is not repaid.

Future Advances

Money or other value provided to a debtor by a creditor subsequent to the time a security interest in the debtor’s collateral is taken by that creditor.

Financing Statement

A legal document filed under the Uniform Commercial Code (UCC) that secures a creditor's interest in the debtor's collateral, making the security interest public record.

Implied Notice

A legal concept that suggests an individual should have known a fact due to circumstances or the fact it was obvious, even if not formally notified.