* not completed

. The key differences between security and quasi security are that...

Security properly so called is more secure than quasi security. correct incorrect

In quasi security the person seeking credit support owns the property which is the source of the credit support. correct incorrect

Security interests are exercisable against property, the title to which is either in the obligor or where the obligor has a proprietary right recover title on repayment of the debt. correct incorrect

Security interests require registration to be valid as against a third party correct incorrect

* not completed

. In order to be valid, security interests require attachment to the property which is the subject of the security and normally will require ___ to be binding on third parties.

Your response

* not completed

. Which of the following statements are true? Please select all that apply.

Since a pledge is a possessory security the pledgee must always retain possession of the property. correct incorrect

A possessory lien can arise only where the parties agree that it should. correct incorrect

It is clear that where a debtor recovers possession of property from a pledgee under a trust receipt a purchaser from him will obtain good title. correct incorrect

All liens are possessory securities correct incorrect

* not completed

. Which of the following statements is incorrect?

In a legal mortgage the mortgagee is entitled to possession of the property as soon as the mortgage is created unless agreed otherwise. correct incorrect

In a mortgage the mortgagor transfers ownership of the property to the mortgagee by way of security. correct incorrect

The most important right of a mortgagor is the right to redeem the mortgage by meeting the obligations which it secures. correct incorrect

Mortgages of personal property must be in writing. correct incorrect

* not completed

. Which of the following statements are correct? Please select all that apply.

Mortgages can be created simply by agreeing to create a mortgage so long as the agreement is specifically enforceable. correct incorrect

If a mortgagee forecloses, he may retain the whole proceeds of any sale, even if they exceed the outstanding debt of the mortgagor. correct incorrect

A mortgagee will typically seek to take possession of the mortgaged property before he exercises his power of sale. correct incorrect

Apart from foreclosure, taking possession and selling the mortgaged property a mortgagee has no other way of realising his security. correct incorrect

* not completed

. Which of the following statements is incorrect?

In a mortgage created by deed the mortgagee has the power to sell the mortgaged property once the legal date for repayment has passed. correct incorrect

In effecting sale, the mortgagee owes no duties to the mortgagor. correct incorrect

Once his right to sell has arisen and is exercisable, a mortgagee can choose when to sell and need not delay, even if an increase in the value of the property is very likely to happen in the near future. correct incorrect

The mortgagee owes the mortgagor and other incumbrancers a duty to obtain a proper price if he sells the mortgaged property. correct incorrect

* not completed

. Which of the following statements is incorrect?

A charge is a possessory security. correct incorrect

A charge arises when a piece of property is expressly or constructively made liable to discharge a debt where there is no intention that ownership should pass to the chargee. correct incorrect

A charge may arise very easily even in the absence of writing. correct incorrect

A specifically enforceable agreement to grant a charge over future property attaches to the property the moment the property is acquired by the chargor. correct incorrect

* not completed

. Charges may be fixed and/or ___.

Your response

* not completed

. When a floating charge ___ the charge attaches to all of the assets specified in it as being subject to the charge.

Your response

* not completed

. The key test to identify a floating charge is whether...

The assets include those that the chargor currently owns and assets to be acquired in the future correct incorrect

The assets charged include property the chargor would be regularly changing correct incorrect

The charge is over assets which the chargor is permitted to deal with in a way which takes them outside the charge, for example by selling them correct incorrect

The label the parties put on their arrangement correct incorrect