Directions: Spell Out the Listed Abbreviation in the Space Provided

question 13

Short Answer

Directions: Spell out the listed abbreviation in the space provided.
-IM

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Definitions:

Perfection

The legal process of securing a claim or interest in a borrower's collateral, making it enforceable against third parties.

Financing Statement

A document filed to give public notice of a security interest in personal property, securing payment or performance of an obligation.

Ordinary Course

An action or routine that falls under the usual and customary conduct of a business or an individual’s daily activities.

Security Interest

A legal claim or right on assets granted to a creditor to secure the repayment of a debt.