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

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.

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

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​

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

Foreclosure is the legal process by which a lender repossesses and auctions off property that has secured a loan.

A merchant is a person who deals in goods of the kind involved in the sales contract or who holds herself or himself out as having skill or knowledge peculiar to the practices or goods being purchased or sold.

Stitches Corporation enters into a contract to sell denim clothing to Trend Fashion Company, which in turn sells the clothing to consumers. In contrast to standards that apply to consumers, the UCC imposes on merchants

Ken files a petition for bankruptcy. Ken must include with the petition​