Which One of the Following Statements About the Personal Property

question 102

Multiple Choice

Which one of the following statements about the Personal Property Security Act is true?

• A)This legislation applies only to all present transactions where personal property is given as security interest to enforce an obligation.
• B)If someone suspects that an item of personal property has been given as security by a particular person, he or she can sue on the breach of a condition.
• C)In a situation where a debtor fraudulently attempts to transfer property that he or she has given as security, the Act is designed to protect both the debtor and the secured creditor.
• D)If a secured creditor fails to register his security interest in the Personal Property Registry, he loses his rights against the debtor.
• E)Unless a creditor in a secured transaction covered by this Act takes steps to "attach and perfect" his security interest, he could lose that interest to someone outside the contract.

---

Definitions:

Secretion

The process by which substances are produced and discharged from cells or glands for a particular function in the organism or for excretion.

Absorption

The process by which substances are taken up into or across tissues, such as nutrients being absorbed through the gastrointestinal tract into the bloodstream.

Biopsy

A medical test involving the extraction of sample cells or tissues for examination to determine the presence or extent of a disease.

Autopsy

A post-mortem examination of a body to determine the cause of death or study the effects of diseases.