Which of the Following May Not Be Used as Collateral

question 2

Multiple Choice

Which of the following may not be used as collateral within the scope of UCC Article 9?

• A) Certificates of deposit.
• B) Accounts receivable.
• C) Goodwill.
• D) A 250-acre farm.

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Definitions:

Probate

The legal process through which a deceased person's estate is properly distributed to heirs and designated beneficiaries and any debt owed to creditors is paid off.

Constructive Trust

A legal remedy imposed to address unjust enrichment, where property is held by someone who should not profit from it.

Incorporated by Reference

A method in legal documents where the contents of an external document are made a part of the main document by mentioning it explicitly.

Testator

An individual who has made a will or testament to dictate the distribution of their assets after their death.