Section 2: 15–25%R6
Debtor-Creditor Relationships and Secured Transactions
Exam insight
UCC Article 9 priority and the PMSI super-priority rules are some of the most testable mechanical topics on REG. Suretyship rights and defenses round out a unit where small details, attachment vs. perfection, the 20-day grace, decide the answer.
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What AICPA wants you to know
- 1Distinguish a surety from a guarantor and list the surety's rights
- 2State the surety's defenses and which ones are unavailable
- 3Apply the three requirements for attachment of a security interest
- 4Apply the methods of perfection and the general first-to-file-or-perfect priority rule
- 5Apply the PMSI super-priority rules for consumer goods, inventory, and equipment
- 6Describe creditor remedies on default and the rules on liens and fraudulent conveyances