Continuation and Termination Statements

Question 1

financing statement

Answer 1

is valid for 5 year after filed.

Question 2

continuation statement

Answer 2

must be filed within 6 months before lapse of the other one, and is good for another 5 years- debtor does not have to authorize the new one.

Question 3

termination

Answer 3

within 20 days of demand from debtor, creditor must file termination statement.

Question 4

termination- consumer goods

Answer 4

the secured party must file the termination statement within 1 month after there is no obligation or commitment, or if the debtor demands it, within 20 days of the demand.