The Process by Which a Security Interest Becomes Enforceable Against

question 9

Multiple Choice

The process by which a security interest becomes enforceable against the debtor with respect to the collateral is known as:

• A) foreclosure.
• B) attachment.
• C) perfection.
• D) exoneration.
• E) subrogation.

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Definitions:

Acceptance

A promise or act on the part of an offeree indicating a willingness to be bound by the terms and conditions contained in an offer. Also, the acknowledgment of the drawee that binds the drawee to the terms of a draft.

Purchase Order

A document issued by a buyer to a seller, indicating types, quantities, and agreed prices for products or services.

Title

Legal ownership of property, evidenced by a document or record.

Sale of Goods

A transaction between a buyer and a seller involving the exchange of tangible personal property for payment.