Refer to Fact Pattern 12-1

question 520

Multiple Choice

Refer to Fact Pattern 12-1. Suppose that Gena pledges her 1/2 acre piece of property to secure her loan with First Fidelity. After Gena defaults on her loan, First Fidelity may obtain:

• A) a mechanic's lien on the property
• B) a judgment lien on the property
• C) a possessory lien on the property
• D) a default lien on the property
• E) an executory lien on the property

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Definitions:

Possesses

To have or hold property, items, or qualities, indicating ownership or control over such.

Receive

The act of accepting or taking possession of something that has been given, sent, or awarded to someone.

Destination Contracts

Contracts specifying that the seller is responsible for the delivery of goods to a specific destination.

Seller

is a party that offers goods or services for sale to a buyer in exchange for payment or other consideration.