Business Law Text and Cases
Quiz 30: Secured Transactions
A Purchase-Money Security Interest in Consumer Goods Is Created When
A purchase-money security interest in consumer goods is created when a person buys the goods on credit.
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A security interest is enforceable only if the collateral is in the secured party's possession.
A purchase-money security interest (PMSI) in consumer goods is perfected automatically at the time the PMSI is created.
Advances against lines of credit can be subject to a perfected security interest in certain collateral.
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