Pix Co., which is engaged in the business of selling appliances, borrowed $18,000 from Lux Bank. Pix executed a promissory note for that amount and pledged all of its customer installment receivables as collateral for the loan. Pix executed a security agreement that described the collateral, but Lux did not file a financing statement. With respect to this transaction
A. Attachment of the security interest did not occur because Pix failed to file a financing statement.
B. Perfection of the security interest occurred despite Lux's failure to file a financing statement.
C. Attachment of the security interest took place when the loan was made and Pix executed the security agreement.
D. Perfection of the security interest did not occur because accounts receivable are intangibles.
C. Attachment of the security interest took place when the loan was made and Pix executed the security agreement.
You might also like to view...
Which of the following BEST describes revenue?
a. It equals price minus costs. b. It equals quantity sold times profit margin. c. It equals price of goods times quantity sold. d. It equals return on investment.
When does a minor breach occur?
A) when a party rescinds the contract before actual work on the contract has commenced B) when a party renders substantial performance of his or her contractual duties C) when the party who is being offered goods or services rescinds the contract D) when the party who is offering goods or services rescinds the contract