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

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

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

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

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

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

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

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

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​

Lindsay operates a sole proprietorship, a corporation, and a partnership. She wants to obtain relief for her individual debts and the debts of her corporation and partnership. For each of these, she may file a petition in bankruptcy for relief through​