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

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

(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).

Read 2136 times Last modified on Friday, 15 November 2019 12:31
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