Case Precedent Is

question 27

Multiple Choice

Case precedent is:

• A)always followed.
• B)followed if it is within the state.
• C)examined in each case and is always followed.
• D)part of the doctrine of stare decisis.
• E)none of the above

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Definitions:

Secured Party

A lender or creditor who has an interest in the collateral securing a loan or credit agreement.

UCC

Short for Uniform Commercial Code, it is a comprehensive set of laws governing all commercial transactions in the United States.

Collateral

Collateral refers to properties or assets that a borrower offers to a lender as security for a loan or credit, and that can be taken by the lender if the borrower fails to pay back the loan.

Perfection

In the context of secured transactions, perfection refers to the legal process by which a secured party establishes a priority claim against the collateral in the event of debtor default.