Great State Bank loans money to Seth, securing the loan with property owned by Seth. Great State Bank is advised by its attorney to file a financing statement. Great State Bank doesn't understand why it should spend the extra money for this filing, since Seth has told them that he has no other creditors. Why should Great State Bank file a financing statement?
a. There are criminal penalties for failing to file.
b. The financing statement allows Great State Bank to repossess the collateral on default without a court order.
c. The financing statement will protect Great State's priority rights with other creditors by giving notice to other creditors that it claims a security interest in the collateral.
d. Filing the financing statement is necessary to complete the attachment requirement in order to create a security interest.
c
You might also like to view...
In Indonesia, home of the world's largest Muslim population, KFC uses Ramadan-themed outdoor advertising to encourage Indonesians to come to the restaurants at buka puasa, the end of each day's fast
Indicate whether the statement is true or false
When a radio frequency identification tag is attached to a product, it contains a(n) _____.
A. universal product code B. source code C. electronic product code D. object code
________ is described as creating radical changes in processes, systems, and/or structures that meet customer needs efficiently and are economically sound.
A. Reengineering B. Contriving C. Previsioning D. Machinating
Religion is a part of a group's culture because
A. it influences behavior through attitudes and beliefs. B. groups choose their religion, and culture is chosen. C. it is how a group worships. D. religion is culture.