A purchase-money security interest (PMSI) in consumer goods is perfected automatically at the time the PMSI is created.

There is no limit to the amount that can be taken from a debtor’s weekly take-home pay through garnishment.

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