A Buyer in the Ordinary Course of Business Takes Collateral

question 58

True/False

A buyer in the ordinary course of business takes collateral (other than farm products) free of any security interest created by the buyer's seller, even if the security interest is perfected and the buyer knows of its existence.

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Definitions:

ICD-10-PCS

The International Classification of Diseases, 10th Revision, Procedure Coding System; a system used by healthcare providers to classify and code all diagnoses, symptoms, and procedures recorded in conjunction with hospital care in the United States.

Use of Decimal

A numerical system that employs the base ten; extensively used in mathematics and measurements.

ICD-10-CM

The International Classification of Diseases, Tenth Revision, Clinical Modification; a system used by healthcare providers to classify and code all diagnoses, symptoms, and procedures recorded in conjunction with hospital care in the U.S.

Alpha or Numeric

Pertaining to systems or sequences that consist of letters (alpha) and/or numbers (numeric).