Property acquired in the future by the debtor

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Reference no: EM132230799

1. A ________ is an item of personal property that has become attached to real estate.

A) Security interest.

B) Chattel.

C) Commercial attachment.

D) Fixture.

2. A _________ is created when a security agreement describes the collateral as including property acquired in the future by the debtor.

A) Conditional obligation.

B) Floating Lien.

C) Pledge.

D) Balloon payment.

3. Creditors who depend only upon the debtor's promise to pay are ________ creditors.

A) Unsecured.

B) Spendthrift.

C) Disinterested.

D) Unprotected.

4. In a _______, a creditor must have made reasonable but unsuccessful attempts to collect from the principal before the guarantor can be held liable.

A) Absolute guaranty.

B) Unconditional guaranty.

C) Conditional guaranty.

D) Satisfaction guaranty.

5. Mel, who owns a car repair shop, replaced the clutch in Ellen's car. Until Ellen pays for the repairs, Mel has a ______lien on the car.

A) Artisan's

B) Mechanic's

C) Judicial

D) Guarantor's

Reference no: EM132230799

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