What Is the National Standard for Perfecting a Security Interest

question 118

Multiple Choice

What is the national standard for perfecting a security interest in an automobile or a boat?

• A)Perfection by pledge or perfection by filing
• B)Perfection by filing or perfection by possession
• C)Automatic perfection or perfection by possession
• D)Automatic perfection or perfection by filing
• E)No national standard exists for perfecting a security interest in an automobile or a boat.

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Definitions:

Commercial Impracticability

A defense in contract law that can release parties from their obligations if an unforeseen event makes the fulfillment of the contract unreasonably difficult or expensive.

Code

A system of principles or rules designed to regulate practices and conduct within a particular activity or sphere.

Restatement

A rephrasing or clarification of a statement or document, often used to clarify legal principles or statutes.

Certificate of Occupancy

A document issued by a local government or building department certifying that a building complies with applicable building codes and other laws, and is safe to occupy.