If an Affected Secured Party Fails to File or Send

question 10

True/False

If an affected secured party fails to file or send a termination statement as required,he or she is liable to the debtor for $1,000.

---

Definitions:

Business Activities

Operations, tasks, and work performed by a company to generate profits, including production, sales, and distribution among others.

Organizational Groupings

The manner in which a company or organization segments and organizes its internal structures or departments to improve efficiency and effectiveness.

Functional Groupings

The organization of products, services, or organizational units based on similar functions or purposes.

Marketing Department

A functional division within a company focused on strategies and efforts to promote, sell, and distribute a product or service.