Examlex
Choose the incorrect statement regarding bile.
Surety
Surety is a financial guarantee provided by a third party, promising to pay a debt or perform an obligation if the primary party fails to do so.
Electronic Chattel Paper
A digital form of chattel paper, which includes any record or evidence of an obligation and a security interest in specific goods.
Security Interest
A financial interest in a piece of property, granted to a creditor, ensuring claim to the property should the debtor default on their obligation.
Automatic Perfection
A legal condition in which a security interest in a collateral automatically becomes effective without the need for any further action, under certain conditions, once it attaches.
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