The concept of the floating lien does not apply to future advances.
Correct Answer:
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Q21: On default, unless the security agreement states
Q26: When two parties have perfected security interests
Q27: The concept of the floating lien applies
Q30: When two parties have unperfected security interests
Q32: The payment of Josie's debt to Kym
Q33: When collateral consists of consumer goods subject
Q35: A buyer in the ordinary course of
Q36: After a default,and before a secured party
Q40: To qualify as a commercially reasonable sale,
Q59: Fact Pattern 20-1 (Questions 14-16 apply)
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