Question Completion Status: QUESTION 31 2 points Save An Liquidation may be volu

Question

Question Completion Status: QUESTION 31 2 points Save An Liquidation may be voluntary, but not involuntary, under Chapter 7 True False QUESTION 32 2 points Save An Regardless of whether the artisan retains the property, an artisan's lien remains in effect. True : False 2 points Save An QUESTION 33 The creditor becomes the secured party who has a security interest in the collateral whern Perfection occurs Security. OTransformation. Reaffirmation. 2 points Save Ans QUESTION 34 The creditor must perfect a security interest in the collateral of the debtor in order to become a secured party. True False

Explanation / Answer

Question 31 False .A creditor can file for liquidation of its debtor if he feels that debtor is losing his resources to pay his debts.

Question 32. False as artisan lien is based on possession, if an artisan voluntarily surrenders possession, the lien is lost.

Question 37. True-Collateral is the security that is given as security to cover the debts given by bank to person if person is unable to pay his debts.

Question 36 Option D is correct. In the case of Liquidation, secured party has primary right on realisation of secured property.

As per chegg policy we are allowed to answer only 4 questions at a time.

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