REG Study Group Q4 2014 - Page 261

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  • November 27, 2014 at 2:32 am #633116
    REGTaker
    Member

    Probably. I'm not sure because I converted the Ninja Notes to word and added my own stuff to it from the Wiley book.

    November 27, 2014 at 2:33 am #633117
    Anonymous
    Inactive

    15–What party has the highest priority after perfected security interests?

    November 27, 2014 at 2:35 am #633118
    REGTaker
    Member

    A buyer in the ordinary course of business.

    November 27, 2014 at 2:36 am #633119
    REGTaker
    Member

    16-What is the difference in filing requirements to perfect a PMSI in inventory as compared to noninventory?

    November 27, 2014 at 2:37 am #633120
    Anonymous
    Inactive

    16– I have no idea.

    November 27, 2014 at 2:39 am #633121
    REGTaker
    Member

    A PMSI in inventory must be filed BEFORE the debtor possesses the collateral and holders of prior perfected security interest in the inventory must be given notice before the debtor receives the collateral. For noninventory–no notice is required and they can perfect by filing up to 20 days AFTER the debtor possesses the inventory.

    November 27, 2014 at 2:41 am #633122
    REGTaker
    Member

    Was 15, a consumer in the ordinary course of business?

    November 27, 2014 at 2:42 am #633123
    Anonymous
    Inactive

    I'm drawing a blank – what does PMSI stand for?

    November 27, 2014 at 2:43 am #633124
    Anonymous
    Inactive

    15 was a buyer in the ordinary course of business – sorry about that

    November 27, 2014 at 2:47 am #633125
    REGTaker
    Member

    No problem. PMSI is a purchase money security interest

    When a debtor defaults the priority order of who has rights to the collateral is

    1-Buyer in the ordinary course of business

    2-Perfected PMSI holder

    3-Perfected secured creditor (Non-PMSI holder)

    4-Unperfected secured creditor

    5-debtor

    I'm not sure of the exact definition of PMSI, but I know they are high up on the list. 🙂

    November 27, 2014 at 2:54 am #633126
    REGTaker
    Member

    Do you want to move on to something else?

    November 27, 2014 at 2:57 am #633127
    Anonymous
    Inactive

    yeah, do you mind? I feel like I'm not helping on this topic.

    November 27, 2014 at 2:58 am #633128
    Anonymous
    Inactive

    16–What are the 3 Rules in Regulation D (1933 Law)? And what are their annual offering limits?

    November 27, 2014 at 2:59 am #633129
    REGTaker
    Member

    I was going to say the same thing about myself. I really feel like the flashcards help, but they require so much more thinking!

    November 27, 2014 at 3:00 am #633130
    Anonymous
    Inactive

    Or did you want to move to Other Income? I can do that one too.

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