First Finance Company Filed Its Financing Statement for a Purchase

question 2

True/False

First Finance Company filed its financing statement for a purchase money security interest in Donald's lawn tractor on March 1. Donald purchased the lawn tractor on February 21. If Donald files for bankruptcy on February 28, the trustee will have priority because the bankruptcy petition is filed before the creditor perfects.

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Definitions:

Aldo Leopold

Renowned American author, philosopher, scientist, ecologist, forester, conservationist, and environmentalist, best known for his book "A Sand County Almanac."

Silphium Plant

An ancient plant, now possibly extinct, that was used for various culinary and medicinal purposes in the Mediterranean region during classical antiquity.

Pluralistic Ignorance

A situation where the majority of group members privately reject a norm but assume incorrectly that most others accept it.

Diffusion Of Responsibility

An aspect of the bystander effect whereby the presence of others leads to a decreased sense of personal responsibility to act.