Which One of the Following Statements About the Personal Property

question 123

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

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Definitions:

Aqueous Humor

A clear fluid found in the eye, between the cornea and the lens, that helps maintain pressure and nourishes the cornea and lens.

Depth of Focus

The range within which an image can be moved away from or closer to a lens without significantly affecting its sharpness.

Accommodation

Ability of electrically excitable tissues, such as nerve or muscle cells, to adjust to a constant stimulus so that the magnitude of the local potential decreases through time; also called adaptation.

Convergence

The tendency of unrelated animals and plants to evolve superficially similar characteristics under similar environmental conditions or the movement of eyes inward towards the nose.