When consumer goods are involved, a termination statement must be filed within a month after the debt is paid.​

A surety is primarily liable for the debt of a principal.

Fruit of the Plant, Inc., agrees to sell a certain quantity of a high-quality grain seed to Grange Co-op. Fruit of the Plant can obtain only half of the quantity ordered, so the seller also ships a lesser quality seed in twice the amount of the remainder of the order for the same price. Grange Co-op rejects the lesser quality seed. With time for performance not yet expired, Fruit of the Plant can

A surety cannot assert the principal debtor’s bankruptcy as a defense to avoid liability on the debtor’s obligation.

The first security interest to be perfected is the last in priority over any other perfected security interests.​

Lenders Loan Company and Mortgage Service Corporation—Nadya’s creditors—contract with Nadya for the discharge of her liquidated debts on payment of a lesser sum. This is​

Attachment gives the creditor an enforceable security interest in the collateral.

Elegant Carpets, Inc., and Fantastic Floors Stores enter into a contract for a sale of carpeting to be delivered under a shipment contract. This contract requires Elegant Carpets, the seller, to

In the majority of states, debtors may use only federal, not state, exemptions to exempt certain property from the bankruptcy.

If the assets in a debtor’s estate in bankruptcy are insufficient to pay fully all creditors, the debtor is liable for the difference.