Which of the following is true about continuation statements?
A)A continuation statement must be filled after the lapse of the five-year period of the financing statement.
B)The continuation statement must be signed by the secured party.
C)The effectiveness of the financing statement has nothing to do with the continuation statement.
D)Continuation statements may be filed just once.

Question

Which of the following is true about continuation statements?
A)A continuation statement must be filled after the lapse of the five-year period of the financing statement.
B)The continuation statement must be signed by the secured party.
C)The effectiveness of the financing statement has nothing to do with the continuation statement.
D)Continuation statements may be filed just once.

Quizplus · Accepted Answer

A continuation statement may be filed within six months before the five-year expiration date.The continuation statement must be signed by the secured party,identify the original statement by file number,and state that the original statement is still effective.Successive continuation statements may be filed [UCC 9-403(3)].

Which of the Following Is True About Continuation Statements