Secured Transactions Bar Practice Exam

An account in the context of secured transactions refers specifically to a right to collect on a promise to pay for goods or services rendered that are not associated with the sale of real property. This definition is rooted in the Uniform Commercial Code (UCC), which governs secured transactions. An "account" is typically recognized as a right to payment for goods sold or leased, or for services rendered, which establishes a creditor-debtor relationship.

The correct choice highlights that an account represents an expectation of payment for transactions that do not pertain to real estate. For instance, if a business provides services to a client and bills the client, the payment expected from the client constitutes an account.

In contrast, the other options describe rights that either do not align with the concept of an account or pertain to different legal principles. The right to collect for a personal service provided is overly specific and does not encompass the broader definition of accounts. The right to sell real property for payment relates more closely to real estate transactions rather than accounts. Lastly, the right to redeem property from a lien pertains to the process of reclaiming collateral after satisfying a secured debt, which is distinctly different from collecting accounts receivable. Thus, the choice that defines an account correctly aligns with the U