Which of the following is NOT a category of goods under secured transactions?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $25.99Unlock all

Prepare for the New York Multistate Bar Exam with comprehensive study resources. Access multiple-choice questions, detailed explanations, and exam tips to boost your preparation and confidence.

Multiple Choice

Which of the following is NOT a category of goods under secured transactions?

Explanation:
In secured transactions under Article 9, collateral that counts as “goods” is tangible, movable property. Inventory, fixtures, and farm machinery all fit that definition: they’re physical items used in business that can be moved or attached to property. Intangible assets, on the other hand, aren’t physical items—they’re rights or licenses like patents, copyrights, or accounts receivable. Those aren’t categorized as “goods” in Article 9; they fall under general intangibles or other non-goods collateral. So the item that is not a category of goods is intangible assets.

In secured transactions under Article 9, collateral that counts as “goods” is tangible, movable property. Inventory, fixtures, and farm machinery all fit that definition: they’re physical items used in business that can be moved or attached to property. Intangible assets, on the other hand, aren’t physical items—they’re rights or licenses like patents, copyrights, or accounts receivable. Those aren’t categorized as “goods” in Article 9; they fall under general intangibles or other non-goods collateral. So the item that is not a category of goods is intangible assets.

More Multiple Choice Questions
Subscribe

Get the latest from Passetra

You can unsubscribe at any time. Read our privacy policy