Which of the following is true about this firm?
Definitions:
Termination Statement
An amendment to a financing statement, which states that the debtor has no obligation to the secured party.
Secured Party
A creditor or lender that has an interest, typically in the form of a lien, in the collateral offered by the debtor to secure a loan or obligation.
Collateral
Assets pledged by a borrower to secure a loan or credit, which can be seized by the lender if the borrower defaults.
Proceeds
The total amount of money or assets that result from a particular transaction or event.
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