An Interest in Personal Property or Fixtures That Secures Payment

question 57

Multiple Choice

An interest in personal property or fixtures that secures payment or performance of an obligation is ________.

• A) An approved interest.
• B) A secured interest.
• C) A secured transaction.
• D) A debt transaction.
• E) A security agreement.

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Definitions:

Bicameralism

A legislative system in which the legislature comprises two separate chambers or houses, often with differing powers and functions, such as the Senate and House of Representatives in the United States.

Congress

The legislative branch of the United States government, made up of the Senate and the House of Representatives, responsible for making federal laws.

Cameralism

An economic theory and administrative practice that emerged in Europe, primarily in German states during the 17th and 18th centuries, focusing on state intervention and management of the economy for the monarchy's welfare.

American Republic

A form of government in the United States characterized by a system of democracy with elected representatives, a president, and a separation of powers.