Courts Often Refer to Secondary Sources of Law for Guidance

question 7

True/False

Courts often refer to secondary sources of law for guidance in interpreting and applying a primary source of law.

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Definitions:

Purchase-Money Security Interest

A legal claim or lien that grants the lender a security interest in the item being purchased, as collateral for the loan.

Right of Redemption

A debtor's legal right to reclaim property that has been foreclosed upon or repossessed by paying off debt, usually within a specific period.

Continuation Statement

A statement that, if filed within six months prior to the expiration date of the original financing statement, continues the perfection of the original security interest for another five years. The perfection of a security interest can be continued in the same manner indefinitely.

Perfected

In legal terms, refers to a secured interest in a piece of property that has been properly filed or registered, ensuring priority over claims from other creditors.