According to the Uniform Commercial Code,a Secured Party Need Not

question 63

True/False

According to the Uniform Commercial Code,a secured party need not give value in order to create a security interest.

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Definitions:

Gap-Filling Rules

Provisions in law that allow courts or parties to fill in missing terms in a contract.

Sale Of Goods

The transfer of ownership to tangible personal property in exchange for money, other goods, or the performance of service.

Enforceable Contract

A legal agreement between parties that is valid under the law and can be upheld in a court of law if breached.

Regular Delivery

A standard or expected schedule for the distribution of goods or messages.