In 2000,Samson Dsouza submits a financing statement to perfect his security interest against Kevin.In 2006,Samson tries to attach a security interest in the property.Will Samson succeed in the attachment of the security interest?
A)Samson will succeed since he has filed his financing statement.
B)Samson will not succeed because the financing statement lapsed.
C)Samson may enforce his security interest by filing a continuation statement.
D)The security interest will automatically be enforced.

Question

Quizplus · Accepted Answer

A financing statement is effective for a period of five years from the date of filing,and it lapses then unless a continuation statement has been filed before that time.

In 2000,Samson Dsouza Submits a Financing Statement to Perfect His