IL Bar Practice Questions - Illinois Bar Examination Exam

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A buyer purchases goods in the ordinary course of business from a merchant who sells goods of that kind. The goods were subject to a perfected security interest created by the seller. Does the buyer take free of that security interest?

No, the buyer always takes subject to perfected security interests Yes, a buyer in the ordinary course of business takes free of a security interest created by the seller, even if perfected and known Only if the buyer paid cash Only if the security interest was unperfected

Correct Answer:

Yes, a buyer in the ordinary course of business takes free of a security interest created by the seller, even if perfected and known

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