Perfection Flashcards
1
Q
What are the methods of perfection
A
filing, possession, control, and automatic perfection
2
Q
What happens if there is an error to debtor’s name in financing statement
A
the financing statement is not effective unless a standard search under the debtor’s correct name would disclose the statement
3
Q
If a debtor changes their name - what must the Secured party do?
A
within 4 months of the change the secured party must amend the FS
4
Q
How long is a finance statement effective?
A
5 years
5
Q
When does a PMSI perfect?
A
automatically upon attachment
no financing statement is necessary
