Substantial Compliance with Article 9's Financing Statement Requirements Is Sufficient

question 10

True/False

Substantial compliance with Article 9's financing statement requirements is sufficient for a valid perfection,despite minor errors in the statement that are not seriously misleading.

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Definitions:

FOB Destination

A shipping term that indicates the seller is responsible for the goods and shipping costs until the items reach the buyer's specified location.

FOB Shipping Point

A shipping term indicating that the buyer is responsible for the shipping costs and owns the goods in transit once they leave the seller's premises.

Cost Flow Assumption

An accounting method used to value inventory and determine the cost of goods sold, such as FIFO (First-In, First-Out) or LIFO (Last-In, First-Out).

Net Realizable Value

The estimated selling price of goods, minus the costs of their sale or completion, used in determining the value of inventory on hand.