AICPA每日一练之REG【2016-3-9】

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In which of the following cases does a seller have automatic perfection of a security interest as soon as attachment takes place?

I. Purchase money security interest in consumer goods.

II. Purchase money security interest in inventory.

III. Purchase money security interest in equipment.

a. I only.

b. I and II only.

c. II and III only.

d. I, II, and III.

Answer:A

Automatic perfection (perfection by attachment) takes place in the case of a purchase money security interest (PMSI) in consumer goods only.

Answers (b), (c), and (d) are incorrect because they include PMSI in inventory or equipment which do not qualify for automatic perfection.

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