Explain the purpose of a UCC-1 ?nancing statement.
What will be an ideal response?
If a real estate transaction involves both real and personal property and ?nancing is involved, a lending institution may require the pledging of personal property as part of the collateral for the loan. In such a situation, it is important for the lending institution to perfect its security interest in the personal property. Perfecting a security interest is a way of indicating priority status among creditors. This is done by ?ling a UCC-1 ?nancing statement, sometimes referred to as a ?ling statement or ?nancing statement, in the same of?ce in which mortgages on real property are recorded. By ?ling a UCC-1 ?nancing statement, the lender is giving notice to third parties of its security interest in the personalproperty described in the statement.
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The “durable power of attorney” includes additional language that will accomplish which of the following?
a. survive the principal's incapacity or allow the power to become effective upon the principle’s incapacity. b. allow the power to become effective only upon the principal's incapacity [this is only true if the power of attorney is a springing power; a is therefore a better answer] c. both a and b d. none of the above
Originally,the U.S. Constitutionprovided for which of the following?
A. Thirteen colonial courts B. Only military courts C. A single federal court D. Courtsto becreated by each of the states and overseen by the Congress
Some law offices, corporate legal departments, and government offices may have technical support staff, commonly referred to as:
A) UPL. B) IT. C) URL. D) Volp.
In full block style:
A. the date is flush with the left margin. B. the letterhead is flush with the left margin. C. the first line of each paragraph is indented. D. the date is centered. E. a, b, and c. F. a and c. G. c and d.