REG Study Group Q4 2014 - Page 260

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  • November 27, 2014 at 2:12 am #633101
    REGTaker
    Member

    12–Shelter Doctrine! 🙂

    November 27, 2014 at 2:12 am #633102
    REGTaker
    Member

    11–Dang. They all look familiar, but definitely not on my radar. I will study them. Thanks.

    November 27, 2014 at 2:13 am #633103
    Anonymous
    Inactive

    13–What defenses will WIN against a Holder in Due Course?

    November 27, 2014 at 2:15 am #633104
    REGTaker
    Member

    13–Fraud/forgery, illegal, maker incompetence, discharged, alteration.

    November 27, 2014 at 2:16 am #633105
    REGTaker
    Member

    14–3 requirements for attachment of a security instrument?

    November 27, 2014 at 2:18 am #633106
    Anonymous
    Inactive

    13–Correct! It seems like any of the void contracts are also real defenses.

    November 27, 2014 at 2:20 am #633107
    Anonymous
    Inactive

    14–something of value given, debtor has rights in the collateral, in writing

    November 27, 2014 at 2:21 am #633108
    REGTaker
    Member

    That is a good comparison. I think there is quite a bit of overlap with contracts and negotiable instruments. Some of the warranties are the same too.

    November 27, 2014 at 2:22 am #633109
    REGTaker
    Member

    14–It can either be in writing OR by the creditor taking possession of the collateral. The other 2 are 100% correct!

    November 27, 2014 at 2:22 am #633110
    Anonymous
    Inactive

    Real quick – these get me every time – First you attach, then you perfect, then ???

    November 27, 2014 at 2:23 am #633111
    REGTaker
    Member

    I just have attachment and perfection on my list.

    November 27, 2014 at 2:24 am #633112
    REGTaker
    Member

    If two parties are perfected, then the first one to file wins. If neither party is perfected, then the first one to attach wins.

    November 27, 2014 at 2:25 am #633113
    Anonymous
    Inactive

    Maybe that's why I'm so confused. I get these wrong constantly in MCQs.

    November 27, 2014 at 2:29 am #633114
    REGTaker
    Member

    Me too. My notes say attachment does not require proper filing of a security agreement and debtor must have rights to the collateral or possession, and the secured interest must be recorded. Perfection occurs by filing the agreement of possessing the collateral (not sure how that is different from attachment)

    Another part of my notes says attachment must take place before perfection, but then it says perfection is automatic when the store sells a consumer good on credit or the bank finances the purchase of a consumer good.

    Who knows???

    November 27, 2014 at 2:31 am #633115
    Anonymous
    Inactive

    Is the second part Ninja notes? Mine says the same thing. My book (CPA Excel) says the same as your first part.

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