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Financing Statement
A document filed to give public notice of a secured party's interest in the personal property of a debtor, usually in relation to a secured transaction.
Improper Filing
The submission of legal or official documents in a manner that does not comply with prescribed requirements or regulations.
Unperfected
Refers to a security interest or lien that has not been properly recorded or filed according to law, thus not fully enforceable against third parties.
Secured Transaction
A secured transaction involves a security interest in personal property, which serves as collateral for repayment of a debt or performance of an obligation.
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