AL Bar Practice Questions - Alabama Bar Examination Exam

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A creditor takes a security interest in a debtor's equipment under UCC Article 9. To perfect against other creditors and a bankruptcy trustee, what must the secured party generally do?

Take possession of the debtor's bank account Record a deed in the county land records File a financing statement in the appropriate state office (or take another method of perfection such as possession or control) Obtain a court judgment first

Correct Answer:

File a financing statement in the appropriate state office (or take another method of perfection such as possession or control)

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