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11. Chapter 12
12. I would say D but not 100% on this one.
13. C Kellen possesses a security interest in the automobile
14. c. but not 100% sure on this one
15. B. but this question would depend on the state she lived also, without the state being known I used the federal exemptions as the guideline for the answer.
Hope that helps, the question is a little mixed between bankruptcy and secured interests.
For the question 11, I thought it will be chapter 12 as you said but I am little confused. It says that debt ceiling of $3,275,000 for farming. The question says Bob's total debt is $1million.
18. Small Bank loaned money to Steve, and Steve signed a security agreement giving Small Bank a security interest in his tools. Small Bank took all of the necessary steps to perfect (protect) its security interest. Steve defaulted on the loan. Which of the following is true about this set of facts? A. Small Bank may take possession of only the tools. B. Small Bank may take possession of the tools and/or seek a judicial judgment. C. Small Bank may seek only a judicial judgment. D. Small Bank has no recourse regarding the tools because its loan wasn't for purchase money.
19. Billy borrowed money from First Bank, and he entered an agreement listing his scooter as collateral. First Bank took all necessary steps to properly perfect its security in the scooter on the day of the loan. The next day, Billy borrowed money from Second Bank, and he entered an agreement listing the same scooter as collateral. Second Bank also took all necessary steps to properly perfect its security in the scooter on the day of the loan. Billy defaults on both loans, defaulting on Second Bank and then on First Bank. Which of the following is true about this set of facts? A. Neither bank possesses a right to repossess the scooter because Billy listed it as collateral with both banks. B. Second Bank possesses the priority claim because Billy defaulted on Second Bank first. C. First Bank possesses the priority claim because it was the first to perfect its security interest. D. First Bank possesses the priority claim because it was the first bank to make the loan that listed the scooter as collateral.
20. Johnny and David entered an agreement in which Johnny agreed to pay David for repairing the roof on Johnny's house. Upon completion of the work, Johnny refused to pay. David should seek a/an _________ lien. A. artisan's C. mechanic's B. judicial D. execution
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