The bank should have done what to terminate its interest in any property belonging to Morgan?
A) The bank should have filed a termination statement within 20 days.
B) The bank should have filed a termination statement within one month.
C) The bank should have filed a waiver statement within 20 days.
D) The bank should have filed a waiver statement within one month.
E) The bank should have filed a stopgap statement by the time Morgan's next payment was due had she not paid off the loan.

Question

Quizplus · Accepted Answer

The bank should have filed a termination statement within 20 days to effectively terminate its interest in any property belonging to Morgan. This is a common procedure in secured transactions to release a security interest once the obligation is fulfilled.

The Bank Should Have Done What to Terminate Its Interest