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bala
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| Posted: 11 Jul 2009 at 01:46 | IP Logged
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A secured creditor wants to file a financing statement to perfect its security interest. Under the UCC Secured Transactions Article, which of the following must be included in the financing statement?
a. A listing or description of the collateral.
b. An after-acquired property provision.
c. The creditor's signature.
d. The collateral's location.
i know correct ans is A.
choice C is incorrect. A filing statement must include the creditors name and address but need not be signed by either creditor or debtor.
i dont agree with that, i thought debtor should sign to authenticate the statement.
correct me if im wrong.
Thanks!
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bryris
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| Posted: 11 Jul 2009 at 11:26 | IP Logged
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You are thinking of a security agreement. That is the "in house" document that gives a creditor a right to the debtor's property. It is enforceable against the debtor and thus must be signed by the debtor.
For "constructive notice" purposes, a financing statement is merely a stake in the ground saying "I have rights in this". Whether it is signed or not doesn't change the fact that others are put on notice.
The actual enforceability part comes from the security agreement, not from the financing statement.
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bala
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| Posted: 11 Jul 2009 at 21:40 | IP Logged
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Thanks a lot bryris! really appreciate your help.
Good luck with your exams. please let us know how it goes!
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Topic: secured transaction
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