Leasing of Personal Property Is Based on State Law Modeled

question 79

True/False

Leasing of personal property is based on state law modeled after provisions of the Uniform Commercial Code.

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Definitions:

1933 Act

Officially known as the Securities Act of 1933, it is a U.S. federal law that requires issuers of securities to provide financial and other significant information to investors prior to issuing securities to the public.

Criminal Violation

A breach of laws established at a municipal, state, or federal level that may result in prosecution and punishment.

Imprisonment

The act of confining a person or restricting their freedom as a punishment for a crime they have been convicted of.

Section 11

A provision of the U.S. Securities Act of 1933 that imposes liability on issuers and others for material misstatements or omissions in registration statements.