REG Study Group Q4 2014 - Page 238

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  • November 22, 2014 at 8:16 pm #632762
    Anonymous
    Inactive

    7-B is correct!

    November 22, 2014 at 8:18 pm #632763
    Anonymous
    Inactive

    9–Which of the following statements is correct concerning a bill of lading in the possession of Major Corp. that was issued by a common carrier and provides that the goods are to be delivered “to bearer”?

    A. The carrier's lien for any unpaid shipping charges does not entitle it to sell the goods to enforce the lien.

    B. The carrier will not be liable for delivering the goods to a person other than Major.

    C. The carrier may require Major to endorse the bill of lading prior to delivering the goods.

    D. The bill of lading can be negotiated by Major by delivery alone and without endorsement.

    November 22, 2014 at 8:19 pm #632764
    Anonymous
    Inactive

    8 – C?

    November 22, 2014 at 8:19 pm #632765
    MommyBear
    Member

    9-Icky…C?

    November 22, 2014 at 8:20 pm #632766
    SomedayCPA2015
    Participant

    7 – b?

    I also thought D for 6…

    REG - Passed
    BEC - Passed
    AUD - Passed
    FAR - Passed!!!! I have my life back.

    November 22, 2014 at 8:20 pm #632767
    SomedayCPA2015
    Participant

    LOL I'm way behind!

    REG - Passed
    BEC - Passed
    AUD - Passed
    FAR - Passed!!!! I have my life back.

    November 22, 2014 at 8:20 pm #632768
    MommyBear
    Member

    8 is B

    A restriction on transfer of a security imposed by the issuer…is ineffective against any person without actual knowledge of it unless:

    the security is certificated and the restriction is noted conspicuously thereon; or

    the security is un-certificated and a notation of the restriction is contained in the initial transaction statement sent to the person or, if his interest is transferred to him other than by registration of transfer, pledge, or release, the initial transaction statement sent to the registered owner or the registered pledgee.

    November 22, 2014 at 8:20 pm #632769
    Anonymous
    Inactive

    9 is D – A document of title such as a bill of lading that is marked “to bearer” may be used by any rightful holder who comes into possession of it. It may be negotiated, or transferred, to another by delivery alone because any rightful holder is entitled to use it to receive the goods. Major's endorsement, or signature, is not needed because the rights are not specific to him.

    November 22, 2014 at 8:21 pm #632770
    MommyBear
    Member

    Hey Someday–7 is B. Good job.

    @bucky–Ugg. It makes sense when you read it, but yuck!

    November 22, 2014 at 8:22 pm #632771
    Anonymous
    Inactive

    These are good questions and I'm copying the answers to review later! The Bus Law stuff just won't stick in my head 🙁

    November 22, 2014 at 8:22 pm #632772
    MommyBear
    Member

    10–Cobb gave Garson a signed check with the amount payable left blank. Garson was to fill in, as the amount, the price of fuel oil Garson was to deliver to Cobb at a later date. Garson estimated the amount at $700, but told Cobb it would be no more than $900. Garson did not deliver the fuel oil, but filled in the amount of $1,000 on the check. Garson then negotiated the check to Josephs in satisfaction of a $500 debt with the $500 balance paid to Garson in cash. Cobb stopped payment and Josephs is seeking to collect $1,000 from Cobb. Cobb's maximum liability to Josephs will be:

    A 0

    B 500

    C 900

    D 1000

    November 22, 2014 at 8:23 pm #632773
    Anonymous
    Inactive

    11–Under the Secured Transactions article of the UCC, when does a security interest become enforceable?

    A. A contract is executed between a debtor and a secured party under which the debtor gives the secured party rights in collateral if the debtor violates any of the terms contained in the contract.

    B. The debtor and the secured party execute a security agreement describing the transfer of the collateral and, after doing so, the secured party files it with the requisite agency.

    C. The debtor and the secured party execute a security agreement describing the transfer of collateral from seller to buyer and the secured party retains possession of the agreement.

    D. The value has been given, the secured party receives a security agreement describing the collateral authenticated by the debtor, and the debtor has rights in the collateral.

    November 22, 2014 at 8:24 pm #632774
    Anonymous
    Inactive

    10 – D – Who doesn't fill in an amount on a check? That's, like, the first rule of personal finance.

    November 22, 2014 at 8:25 pm #632775
    MommyBear
    Member

    #1 reason I don't like blaw–Too much to read. My mind says blah, blah, blah

    November 22, 2014 at 8:25 pm #632776
    SomedayCPA2015
    Participant

    Gosh same here Bucky…I need to work on attachment, perfection, etc. Well, really just all BLaw. And I've already spent a ridiculous amount of time on BLaw.

    REG - Passed
    BEC - Passed
    AUD - Passed
    FAR - Passed!!!! I have my life back.

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