Lending Bank files a financing statement regarding a transaction with Metro Company. To be valid, the financing statement must contain all of the following except
A) a description of the collateral.
B) a statement of the purpose for the transaction.
C) Lending's name.
D) Metro's name.

Question

Quizplus · Accepted Answer

While a financing statement can include a statement of the purpose of the transaction, it is not required for the statement to be valid. The statement must include a description of the collateral, Lending's name, and Metro's name to be valid.

Lending Bank Files a Financing Statement Regarding a Transaction with Metro