The Basic Rule Established by the Uniform Commercial Code Is

question 40

True/False

The basic rule established by the Uniform Commercial Code is that when more than one security interest in the same collateral has been filed, the last security interest to be filed has priority over any that is filed earlier.

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Definitions:

Subpoena Duces Tecum

An order to appear and bring specified documents.

Writ Of Certiorari

A Supreme Court order, issued after the Court decides to hear an appeal, mandating that the lower court send to the Supreme Court the record of the appealed case.

Interstate Commerce Commission (ICC)

The first federal administrative agency; created to regulate the anticompetitive conduct of railroads.

Railroad Industry

A sector focused on the operation of railroads and trains for the transport of goods and passengers.