Equity Bank files a financing statement regarding a transaction with Fabrication LLC. 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)the creditor's name.
D)the debtor's name.

Question

Quizplus · Accepted Answer

A financing statement must include a description of the collateral, the creditor's name, and the debtor's name to be valid. It does not need to include a statement of the purpose for the transaction.

Equity Bank Files a Financing Statement Regarding a Transaction with Fabrication