Which of the Following Is Correct Regarding the Statement of Dennis

question 28

Multiple Choice

Which of the following is correct regarding the statement of Dennis that the security interest of ABC was not perfected?

• A) Dennis is wrong because the security interest perfected immediately.
• B) Dennis is correct because the security interest perfected when he was still in possession of the collateral 30 days after the purchase.
• C) Dennis is correct because the security interest perfected when he was still in possession of the collateral 60 days after the purchase.
• D) Dennis is correct because no financing statement was filed.
• E) Dennis is correct only because in the case of luxury goods, a financing statement must be filed within 20 days of the sale in order for the seller to establish perfection.

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Definitions:

Influence

The capacity or power to affect someone's beliefs, actions, or decisions.

Debt-to-Income Ratio

A personal finance measure comparing an individual's debt payments to his or her gross income.

Liabilities

A person’s debts or amount that is owed.

Assets

A person’s property or what is owned.