[Hang Glider] Monte Borrows Money from A&Z Bank and the Bank

question 4

Multiple Choice

[Hang Glider] Monte borrows money from A&Z Bank and the bank has a secured interest in Monte's hang glider. The bank files a financing statement which identifies Dryden, another debtor of the bank, as the debtor for this transaction. Monte also borrows money from his neighbor, and he uses the hang glider as collateral on that transaction. His neighbor was unaware that Monte had used the hang glider as collateral for the bank loan. Monte fails to make his payment to the bank. The bank claims it should take possession of the hang glider because it has a perfected interest. When Dryden learns about the bank's interest in the hang glider, he calls that bank and tells them he has first dibs on the hang glider because their loan to Monte was not public knowledge. The bank tells Dryden that they have priority because they perfected their security interest in the hang glider when they filed the financing statement four years ago.
-Is the bank correct that it has priority because it has a perfected interest in the hang glider?

• A) Yes, because it filed a financing statement, thus perfecting its interest.
• B) Yes, even though the financing statement is filed under a correct name, the filing of the statement perfected its interest in the hang glider.
• C) No, because the financing statement is filed under an incorrect name, thus perfection is likely not effective.
• D) No, it takes more than simply filing a financing statement for perfection to be effective.
• E) Yes, because banks are excused from minor errors in financial documents, and thus the incorrect name in the financing statement does not affect perfection.

Grasp how sociological frameworks can be applied to analyze power dynamics in society.

Recognize the importance of significant others in shaping individual social experiences.

Understand the factors contributing to adolescent cigarette smoking.

Recognize the role of parent-child relationships in resisting substance use.

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Definitions:

Hormone Mechanism

The method by which hormones act to regulate various bodily functions, involving synthesis, secretion, and cellular interaction.

cAMP

Cyclic Adenosine Monophosphate, a second messenger important in many biological processes, including the transduction of hormonal signals and the regulation of metabolism.

G Protein

A family of proteins that act as molecular switches inside cells, involved in transmitting signals from a variety of stimuli outside a cell to its interior.

Steroid Hormone

A type of hormone derived from cholesterol that plays a role in regulating metabolism, immune function, and development of sexual characteristics.