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Saturday, 18 January 2020
Agent Resource Center
Agent Resource Center

Question: As provided in the Uniform Commercial Code, the instrument that describes the creditor's interest in personal property is a:

Written by Posted On Tuesday, 07 January 2020 05:00

(A) Pledge
(B) Hypothecated agreement
(C) Security agreement
(D) Chattel mortgage

 

Answer:  (C)  The Security Agreement is the document used to secure the creditor's interest in personal property. In some states the Security Agreement has replaced the chattel mortgage.

Read 662 times Last modified on Friday, 22 November 2019 16:22
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