[jeff]

Free Study Planner, Notes, Audio, Flashcards: https://www.another71.com/cpa-exam-study-plan/

Free CPA Exam Survival Guide: https://www.another71.com/cpa-exam-survival-guide/

Jeff Elliott, CPA (KS) | Another71 | NINJA CPA | NINJA CMA | NINJA CPE

[MommyBear]

10–D is correct!!

Cobb's maximum liability to Josephs will be $1,000. Josephs is a holder in due course because he took the check for value (forgiveness of a debt for $500 plus $500 cash) in good faith and without notice of any defense against it. While unauthorized completion of an instrument is a defense, it is a personal defense that does not defeat a holder in due course.

I really need to work on my personal defense knowledge.

[MommyBear]

11-B or D, no B. I don't know.

[MommyBear]

12–Under the U.C.C. Secured Transactions Article, which of the following actions will best perfect a security interest in a negotiable instrument against any other party?

A.

Filing a security agreement

B.

Taking possession of the instrument

C.

Perfecting by attachment

D.

Obtaining a duly executed financing statement

[Anonymous]

11 is D – These are the exact elements for creation of a security interest. That is a crap explanation, btw.

[MommyBear]

Well, at least when the explanation is something like that we know it is just a memorization thing and not something we have dig into to understand, right?

[Anonymous]

@SomedayCPA – I want to spend time on Bus Law, but if I spend too much time on it, I forget Tax stuff. Ugh!!!

[SomedayCPA2015]

Gah! 11 had me between C and D. I think the word “perfecting” always throws me off. But the financing statement wins, is that correct?

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

[SomedayCPA2015]

I know! It's my daily dilemma Bucky! BLaw (again) or tax? I worry that more MCQ will end up being BLaw and my current scores in Blaw are not pretty.

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

[Anonymous]

Yes, financing statement wins. Usually.

[MommyBear]

I think it is a good possibility that there will be more blaw than tax on the MCQ. They save the majority of tax for the SIMS.

[Anonymous]

12 – D?

[MommyBear]

12 is B

Under the Uniform Commercial Code (U.C.C.) Secured Transactions Article, perfection of a security interest in a negotiable instrument is achieved only by the creditor taking possession of the instrument.

I picked C. 🙁

[Anonymous]

13–Noninventory goods were purchased and delivered on June 15. Several security interests exist in these goods.

Which of the following security interests has priority over the others?

A. Security interest in future goods attached June 10.

B. Security interest attached June 15.

C. Security interest perfected June 20.

D. Purchase money security interest perfected June 24.

[WANNABE_CPA]

i will join for Blaw for some questions..i am thinking how much time for tax and blaw too..i think i am going to mix them up go topic by topic for Blaw,but do tax most of the time.

FAR : 68, 74, 83 Thank you God 🙂
BEC : 78 (8/27) 🙂
REG : 72 ,80 (2/25) 🙂
AUD : 69,67, 07/23

[Anonymous]

Holy cow! We have almost 3600 posts for the REG study group!

[Author]

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