The First Congress's First Action Was to

question 75

Multiple Choice

The First Congress's first action was to

• A)approve the Bill of Rights.
• B)create a federal court system.
• C)create the executive departments of War, State, and Treasury.
• D)declare war on France.
• E)pass a tariff on imports.

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Definitions:

Collateral

Property or assets pledged as security for the repayment of a loan, subject to seizure on default.

Secured Unperfected Creditor

A creditor that has a security interest in the debtor's property but has not completed all legal steps or filings to perfect the claim.

Financing Statement

A document filed to give public notice of a secured party's interest in the debtor's collateral.

Security Interest

A legal claim or right granted over assets to secure the performance of an obligation, usually repayment of a loan.