6 Questions
What is the minimum duration of a financing statement in the case of consumer goods?
5 years
What is required for automatic perfection of an interest?
Selling a consumer good on credit
In a priority dispute between a secured party and a buyer, who prevails?
The secured party
If a buyer purchases chattel paper and instruments, what happens to the security interest?
The buyer is free from the security interest
What must a financing statement list?
The names and addresses of all parties, a description of the collateral, and the debtor's signature
What happens in a priority dispute between two secured parties?
The creditor who perfected the interest first prevails
Learn about the methods of perfection by filing a financing statement with a state agency. Understand the required information and the process of filing a financing statement to perfect a security interest.
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