The Seller Is Said to Have a Security Interest in Shipped

question 17

True/False

The seller is said to have a security interest in shipped goods if the agreement between the buyer and seller allows the seller to retain title after the goods are shipped.

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Definitions:

Intermediary Bank

Any bank, other than a payor or depository bank, that transfers a check during the check collection process.

Cashier's Check

A check issued by a bank, drawn on its own funds rather than that of a personal account, which guarantees the payee payment.

Certified Check

A check verified by a bank, guaranteeing that the signer has enough funds to cover the amount of the check.

Teller's Check

A check drawn by a bank on its own funds and signed by a teller, typically considered a secure form of payment.