If the Collateral Is in the Possession of the Creditor

question 45

Multiple Choice

If the collateral is in the possession of the creditor: ______.

• A) a financing statement must be filed to perfect the interest.
• B) the security interest is perfected.
• C) only a security interest has been obtained.
• D) the type of goods will determine the method of perfection.

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Definitions:

Homelessness

The condition of people without a permanent dwelling, such as a house or apartment, often unable to acquire and maintain regular, safe, and adequate housing.

Elastic Demand

A situation where the quantity demanded of a good or service significantly changes as a result of a change in price.

Elastic Supply

Refers to a situation where the quantity of a good supplied by producers changes significantly in response to a small change in its price.

Inelastic Demand

A market situation where the demand for a product does not significantly change in response to price changes.