[jeff]

REG Resources:

Free REG Notes & Audio – https://www.another71.com/cpa-exam-study-plan

REG 10 Point Combo: https://www.another71.com/products-page/ten-point-combo

REG Score Release: https://www.another71.com/cpa-exam-scores-results-release

[sissygirl]

Thanks skrier …

[sissygirl]

Thanks skrier …

[Anonymous]

@Qlad:

for these questions, you have to write out where the negotiable instrument goes/travelling.

v -> t -> m(blank) -> b

the single letters represent the names, v(vex), t(tamp), m(miller), b(bilco).

one of the rules for a holder in due course(HDC) is that it needs “value for the instrument”.

because Bilco is releasing the collateral(value), he is giving up his right to collect the money from the previous two as well, tamp and miller.

[Anonymous]

@Qlad:

for these questions, you have to write out where the negotiable instrument goes/travelling.

v -> t -> m(blank) -> b

the single letters represent the names, v(vex), t(tamp), m(miller), b(bilco).

one of the rules for a holder in due course(HDC) is that it needs “value for the instrument”.

because Bilco is releasing the collateral(value), he is giving up his right to collect the money from the previous two as well, tamp and miller.

[Qlad]

thanks derf …it was a very simple question in fact…but the way u explained it made some sense…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

thanks derf …it was a very simple question in fact…but the way u explained it made some sense…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[smsingla]

@ insiyah…..right now I have just Wiley book and their lecture CD. But I am thinking of buying Wiley test bank.Do u think it is a good idea or should I invest my money some where else?

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[smsingla]

@ insiyah…..right now I have just Wiley book and their lecture CD. But I am thinking of buying Wiley test bank.Do u think it is a good idea or should I invest my money some where else?

REG 81
BEC 74,65,78
FAR 79
AUD 85 DONE!!!

[Kenada]

I will say yes. The Wiley online test bank will be money well spent !!

FAR 05/27/14; 786/110 - Done !

[Kenada]

I will say yes. The Wiley online test bank will be money well spent !!

FAR 05/27/14; 786/110 - Done !

[Qlad]

pls have a look at this question…

National bank lends $200000 to Dave and files financing stmnt on Jan 5. Dave signs the security agreement when he picks up the money on jan.14. Dave also borrows money from Local bank on jan 7. Local bank gives the money, files a financing stmnt and has Dave sign security agreement on jan 8th for the same property as collateral. If Dave defaults who will have priority.

A. National bank, bcoz it filed first.

B. National Bank, bcoz its interest attached first.

C. Local Bank, bcoz it perfected first.

D. Local Bank, bcoz it's interest attached first.

What do u think answer shud be? I got the answer wrong…don't know why…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Qlad]

pls have a look at this question…

National bank lends $200000 to Dave and files financing stmnt on Jan 5. Dave signs the security agreement when he picks up the money on jan.14. Dave also borrows money from Local bank on jan 7. Local bank gives the money, files a financing stmnt and has Dave sign security agreement on jan 8th for the same property as collateral. If Dave defaults who will have priority.

A. National bank, bcoz it filed first.

B. National Bank, bcoz its interest attached first.

C. Local Bank, bcoz it perfected first.

D. Local Bank, bcoz it's interest attached first.

What do u think answer shud be? I got the answer wrong…don't know why…

FAR 72,71,81 🙂
AUD 64,71, 72, 75 🙂 I'm done !!!
REG 73, 74, 74, 84 🙂
BEC 76 🙂

[Anonymous]

Qlad- My guess is C. My reasoning is that Dave didn't sign the National's security agreement until after National bank filed the financing statement. Attachment requires a valid security agreement and must be signed by debtor. I think his lack of signature makes the agreement not attach and perfect until Jan 14. If attachment hasn't happened, perfection can't happen (unless PMSI).

[Anonymous]

Qlad- My guess is C. My reasoning is that Dave didn't sign the National's security agreement until after National bank filed the financing statement. Attachment requires a valid security agreement and must be signed by debtor. I think his lack of signature makes the agreement not attach and perfect until Jan 14. If attachment hasn't happened, perfection can't happen (unless PMSI).

[Kenada]

I will agree with Cupcake. I would have picked C for the same reason. The Local Bank had the Security agreement signed on Jan 8th which is before National Bank that did it on Jan 14th.

FAR 05/27/14; 786/110 - Done !

[Author]

Replies