When a consumer debtor completely fulfills all debts and obligations secured by a financing statement, he or she is entitled to a:
A) continuation statement.
B) termination statement.
C) statement of benefits.
D) statement of claims and defenses.

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. When a consumer debtor completely fulfills all debts and obligations secured by a financing statement, she is entitled to a termination statement signed by the secured party or an assignee of record.

When a Consumer Debtor Completely Fulfills All Debts and Obligations