Business Law Text
Quiz 32: Secured Transactions
A Security Interest That Provides for a Security Interest in Collateral
A security interest that provides for a security interest in collateral subject to future advances is a floating lien.
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The concept of a floating lien applies to a constantly changing inventory.
A floating lien cannot apply to the proceeds of the sale of after-acquired property.
When more than one party claims an interest in the same collateral,a perfected secured party's interest has priority over the interest of most other parties.
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