Which of the Following Is False Regarding Methods of Perfection

question 57

Multiple Choice

Which of the following is false regarding methods of perfection?

• A) A security interest in a deposit account may be perfected only by taking control of the collateral.
• B) A security interest in a letter-of-credit right may be perfected only by taking control of the collateral.
• C) A security interest in money may be perfected either through possession or through filing a financing statement.
• D) For a limited period, a purchase-money security interest in consumer goods is automatically perfected.

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Definitions:

Power of Attorney

A legal document authorizing one person to act on behalf of another in legal, financial, or personal affairs.

Scope of Employment

The range of activities or duties that an employee is expected to perform as part of their job.

Pelvic Fracture

A pelvic fracture is a break in one or more bones of the pelvis, often caused by a high-energy event, such as a car accident or fall, and can range in severity from minor to life-threatening.

Fulfillment of Purpose

The achievement or realization of the intended goal or function of something.