The Delivery of Personal Property to a Creditor as Security

question 24

Multiple Choice

The delivery of personal property to a creditor as security for the payment of a debt is:

• A) perfection.
• B) a pledge.
• C) attachment.
• D) a general intangible.

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Definitions:

Negligence Suit

A legal action brought against someone accused of failing to exercise a reasonable standard of care, resulting in harm or damage to another.

Damages

Compensation sought or awarded in a legal proceeding as a remedy for breach of contract or tortuous act.

Fair Labor Standards Act

The Fair Labor Standards Act is a United States federal law that establishes minimum wage, overtime pay eligibility, recordkeeping, and child labor standards affecting employees in the private sector and in federal, state, and local governments.

Double-Pay

A situation where an individual receives twice the amount of payment that is due for a particular period or task, often due to an error or as a special compensation.