Fact Pattern 29-1BCall's Farm & Ranch Supply, Inc., uses its inventory as collateral for a loan from Deland County Bank. The bank files a financing statement with the secretary of state in the state in which Call's was chartered. One year later, Call's changes its name to Big C's, Inc.Refer to Fact Pattern 29-1B. To continue the effectiveness of its perfected interest, Deland County Bank must file

A. a continuation statement after the original filing expires.
B. an amendment to the financing statement before the period expires.
C. a new financing statement immediately.
D. a notice of repossession with all interested creditors.


Answer: B

Business

You might also like to view...

In most cases, systems increase the operating flexibility of those procedures and processes that are systematized

Indicate whether the statement is true or false.c

Business

An adhesion contract is offered on a "take-it-or-leave-it" basis

a. True b. False Indicate whether the statement is true or false

Business

Kurt writes a check on his account at Liquidity Bank to Mandy, a fa¬mous singer. The person claiming to be Mandy is an imposter, however, named Nila. Nila indorses the check to Outsize Portions, a casino, restaurant, and nightclub, for which Liquidity Bank cashes it. Ultimately, the loss will most likely fall on

a. Kurt. b. Liquidity Bank. c. Mandy. d. Outsize Portions.

Business

The discount rate is the minimum return that must be earned on a project to leave a firm's market value unchanged

Indicate whether the statement is true or false

Business