In Some States, the Failure of the Governor to Sign

question 20

Multiple Choice

In some states, the failure of the governor to sign a bill before the legislature adjourns results in a pocket veto, but in most states,

• A)the bill would be returned to the legislature at the beginning of the next session for an override vote.
• B)the governor has no choice and must either sign or veto it.
• C)the bill would die and have to begin anew in the next legislative session.
• D)the bill would automatically become law without a signature.

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Definitions:

Secured Party

A lender or creditor who has an interest in the collateral securing a loan or credit agreement.

UCC

Short for Uniform Commercial Code, it is a comprehensive set of laws governing all commercial transactions in the United States.

Collateral

Collateral refers to properties or assets that a borrower offers to a lender as security for a loan or credit, and that can be taken by the lender if the borrower fails to pay back the loan.

Perfection

In the context of secured transactions, perfection refers to the legal process by which a secured party establishes a priority claim against the collateral in the event of debtor default.