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Asked by abdulbaset charsi on Jul 12, 2024

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Which of the following terms is not defined in the UCC

A) purchase money security interest
B) collateral
C) default
D) attachment
E) perfection

Perfection

In legal and financial contexts, it refers to the act of completing all necessary steps to establish a secured interest or claim that is enforceable against others.

Purchase Money Security Interest

A legal claim that allows a lender to repossess or foreclose on property if the borrower fails to pay back a loan used to purchase the property.

Collateral

An asset that a borrower offers to a lender to secure a loan, which the lender may seize if the borrower fails to repay the loan.

  • Elaborate on the scenarios that establish the legitimacy of a financing statement and its validity timeframe as per the UCC.
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Verified Answer

CE
Claudia EsthakyJul 18, 2024
Final Answer :
C
Explanation :
The Uniform Commercial Code (UCC) defines terms related to commercial transactions, but "default" is not explicitly defined within the UCC. Terms like "purchase money security interest," "collateral," "attachment," and "perfection" are specifically defined within the UCC, relating to secured transactions and other commercial finance areas.

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