Identify Which of the Following Statements Is True About Secured

question 80

Multiple Choice

Identify which of the following statements is true about secured transactions in provinces not having a personal property security act.

• A) This kind of transaction, which formerly was legal, is now prohibited by law in all provinces.
• B) Various kinds of secured transactions, such as conditional sales, chattel mortgages, etc., are regulated by their own distinct statutes.
• C) An assignment of an account receivable does not qualify as a security arrangement because no tangible property is involved.
• D) All kinds of security arrangements involving personal property as collateral now come under one statute.
• E) Only tangible personal property can be used as security.

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Definitions:

Hard Copy

A physical version of a document, as opposed to a digital version.

Legal

Refers to matters concerning law or the practice of law.

Employers

Individuals or organizations that hire people to work for them in exchange for compensation, responsible for providing work and overseeing employees.

Negative Messages

Communications that convey unfavorable news, decisions, or feedback, requiring careful wording to minimize negative reactions or impacts.