To be sufficient, a financial statement must:
A) indicate that the creditor is in possession of the collateral.
B) be effective for a period of two years from the date of filing.
C) be filed only in the state of the debtor's residence.
D) indicate the collateral covered by the financing statement.

Question

Quizplus · Accepted Answer

To be sufficient, a financing statement must meet three basic requirements and contain certain other information. The three basic requirements are that the financing statement must (1) provide the name of the debtor, (2) provide the name of the secured party, and (3) indicate the collateral covered by the financing statement. For certain kinds of collateral, such as fixtures, timber to be cut, or oil, gas, or other minerals, additional information concerning the property on which they are located must be set forth.

To Be Sufficient, a Financial Statement Must