1. Remmie owns the associated rights to property, the buildings, and everything affixed to them located on that property, and the property itself. How is this particular asset likely to be classified?
a. as chattel property
b. as intangible property
c. as real property
d. as tangible property
2. ImaBigBank has extended an operating line of credit to Vandenbergers Bulbs Ltd. In exchange, Vandenbergers had to provide an assignment of the corporation's accounts receivable from its seasonal city garden contracts. What is the bank's position?
a. It acquired ownership of the right to collect the assigned accounts.
b. It alone possesses the right to collect Vandenbergers' accounts.
c. It is using a very uneconomical method of protecting creditor rights to pledged property.
d. It acquired possession of an assignment without obtaining right of ownership.
3. Geoffrey made arrangements for storing his houseboat for the winter at BoatsRStored4U Inc. What is the most immediate legal question that Geoffrey should be clear on before he allows the storage company to take physical possession of his boat?
a. When should he provide proof of ownership and valuation?
b. What will happen if BoatsRStored4U goes out of business?
c. Who will bear the risk of loss or damage and have the obligation to purchase insurance?
?d. How will BoatsRStored4U bill him for its services?