When there is a conflict between a perfected, secured party and a purchaser of a debtor's collateral, a buyer in the course of the seller's business will prevail. A buyer outside the course of the seller's business will prevail if the buyer purchased for , without actual knowledge of the security interest, with the goods being used as consumer goods, and before the secured party perfects by:.

Which of the following is true concerning the 5/5 lapse rule? a) the 5/5 lapse rule deems that a taxable gift has been made where a power to withdraw in excess of $5,000 or five percent of the trust assets is lapsed by the powerholder. b) the 5/5 lapse rule only comes into play with a single beneficiary trust. c) amounts that lapse under the 5/5 lapse rule qualify for the annual exclusion. d) gifts over the 5/5 lapse rule do not have to be disclosed on a gift tax return.