Perfection by Filing

Question 1

Financing Statement

Answer 1

Must be authorized (signed) by debtor, give names and addresses of secured party AND debtor AND indicate collateral.

debtor may file unsigned financing statement if security interest was signed.

Question 2

Name if Debtor is an Individual

Answer 2

Individuals correct name.

errors will not be fatal if financing statement will be found in computerized search under correct name.

Question 3

Name if Debtor is a Corporation

Answer 3

Must be Correct Corporate Name.

Trade name = insufficient

Question 4

Improperly Filed Financing Statement

Answer 4

Security Interest is not perfected, however, security interest is still effective against debtor so long as it has attached, but not effective against additional creditors

Question 5

Filing in Correct Place

Answer 5

Financing statment will be ineffective if filed in wrong place,

Must be filed with Secretary of State.

IF FIXTURE FILING: must be filed with Real Estate Records in county where realty is located.

Question 6

Correctly Indicate Collateral

Answer 6

Financing statement can indicate collateral by “item” or “type”

Description in financing statement MUST match security agreement AND actual collateral.

Question 7

Supergeneric Term

Answer 7

Financing statment may describe collateral in supergeneric terms HOWEVER security agreement CANNOT

Question 8

After Acquired Language in Financing Statement

Answer 8

After Acquired Language does not have to be in financing statement.