PPSA Group 1
Secure Your Knowledge: PPSA Quiz
Test your understanding of the Personal Property Security Act (PPSA) with this engaging quiz! Answer questions about security interests and learn more about the rights and responsibilities of grantors.
Whether you're a student, teacher, or just curious, this quiz is perfect for you!
- 7 Multiple Choice Questions
- Instant Feedback on Your Answers
- Enhance Your Understanding of PPSA
A grantor cannot create a security interest without title.
True
False
What can be given to the grantor as a form of value to for the security interest? Select correct answers.
Lease Money
A Promise
Bitcoins
Previous Consideration
The grantor does not need rights in the collateral to create a security interest.
True
False
Under the PPSA security interest includes a licence? True or False
True
False
A security interest is enforceable against a grantor in respect of particular collateral only if the security interest has attached to the collateral.
True
False
Does super priority PMSI promote competition?
True
False
Which of the following are PMSI’s?
A car dealership loans a car to a car hire for 2 years company on the basis that the company pays the car off in instalments. Upon completion of the payments title of the car transfers to the company.
A retailer purchases inventory.
A father gives his son a boat to use for 90 days from the period of July to September 2015.
An artist loans her collection to a local art gallery for display. During the time that the gallery housed the artist’s work, one of the pieces were sold. The gallery took a portion of the sale price and accounted to the artist for the remainder.
A kitchen equipment company leases equipment to a restaurant for a period of 90 days ending July 2015.
A boat salesmen rents a boat out for a year to a boat hire company.
A new furniture designers gives his furniture to a retailer to sell for no monetary value in the hopes of developing an ongoing relationship.
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