The following series of events/transactions occurred on Bert ...

[jasdeep_brar]

The following series of events/transactions occurred on Bert Easley's ranch: March 3, 2010 - Bert buys the ranch for 900,000; gives a mortgage to First Interstate Bank (FIB) to secure the loan April 12, 2012 - Bert gives First Federal (FF) a new mortgage (lower rate); FF pays off the FIB loan balance August 17, 2014 - Bert installs wind power equipment and signs a security agreement with WP3 (the wind power seller); WP3 does not record a financing statement If Bert defaults, what is the order of the creditor priorities?
 A) FIB, FF, WP3
 B) WP3, FF
 C) WP3, FIB, FF
 D) FF, WP3

Question 2

Secured transactions are governed by Article 2 of the Uniform Commercial Code.
  Indicate whether the statement is true or false

[jharrington11]

Answer to Question 1

D

Answer to Question 2

FALSE

[jasdeep_brar]

Correct answers!

[jharrington11]

Great! Please up vote