Dan Owns a House That Was Mortgaged to First Bank

question 3

Multiple Choice

Dan owns a house that was mortgaged to First Bank.Dan purchases a central air conditioning unit in January 2011, from Bob's Appliances on credit and gives Bob's a security interest in the unit.In most states, in order to gain priority over First Bank, Bob's Appliances must:

• A)perfect by a fixture filing.
• B)perfect within 20 days after the unit is installed.
• C)notify First Bank in a letter of his security interest before the unit is installed.
• D)two of the above.(a and b)
• E)none of the above.

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Definitions:

Planning Process

A systematic series of actions directed towards the achievement of a goal or strategy.

Planned Change Process

A deliberate and structured approach to modify or improve existing conditions within an organization or community.

Formalizing A Contract

The process of establishing a contract in a specified, official format that is legally binding and enforceable.

Developing Standards

The process of establishing criteria or norms for activities, products, services, or behaviors to ensure quality and consistency.