A Creditor Has a Secured Interest in Your Artwork and an Artist

question 43

Multiple Choice

A creditor has a secured interest in your artwork and an artist has a lien on your artwork.Who has priority in obtaining the artwork or the proceeds from the sale of the artwork?

• A)The property must be sold and the artist and creditor must split the proceeds 50-50.
• B)The creditor with an unperfected secured interest will have priority over the artist.
• C)The artist will always have priority over the creditor.
• D)The creditor with a perfected secured interest will have priority over the artist.
• E)The creditor will always have priority over the artist.

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Definitions:

Pollyanna Principle

A tendency for people to remember pleasant items more accurately than unpleasant ones.

Pleasant Stimuli

stimuli that are enjoyable or satisfying to experience, often invoking a positive emotional response.

Primacy Effect

The tendency to remember and give more importance to the first pieces of information encountered about something or someone.

First-impression Error

The bias or mistake of forming a lasting opinion about someone based on the initial impression, potentially overlooking subsequent information.