Question – In the purchase of personal property during the acquisition of a business opportunity, what is necessary to “perfect” the security agreement?

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Written by Posted On Tuesday, 19 November 2019 05:00

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(A) File a Financing Statement
(B) File a Security Statement
(C) Actually enter into an agreement to secure the property
(D) Record the agreement

 

Answer:  (A)  To “perfect” the security of a lien on personal property created by a security agreement, the secured party files a financing statement in the office of the Secretary of State (or in some cases the office of the County Recorder).

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