A Field Warehouse, Under Article 9 of the UCC, Is

question 72

Multiple Choice

A field warehouse, under Article 9 of the UCC, is:

• A) one kind of a pledge.
• B) a common arrangement for financing inventory.
• C) an agreement that allows the debtor access to the pledged goods and simultaneously gives the secured party control over the pledged property.
• D) All of these are true of a field warehouse.

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Definitions:

Momentary Contact

Momentary contact refers to an electrical switch or relay contact that only completes the circuit while being physically engaged or pressed.

Three-Wire

A wiring configuration typically used in electrical circuits, incorporating a live wire, a neutral wire, and a ground wire for safety.

Normally-Open

A contact configuration in switches or relays that is open (non-conducting) when at rest, closing only when activated.

Contactor

An electrically controlled switch used for switching an electrical power circuit, commonly used in motor control applications.