Question

The perfection obtained by filing a financing statement lasts for ______. A. five (5) years, and is renewable. B. five (5) years, and is non-renewable. C. ten (10) years, and is renewable. D. ten (10) years, and is non-renewable.

Answer 1

The perfection obtained by filing a financing statement lasts for A. five (5) years, and is renewable.

What is a perfection in a financing statement?

When the term perfection comes to play in the financing statement, what it means is that the secured party would not have to file a financing statement.

When this is the case, they would not not need to have a collateral or have much control.

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