Which of the Following Is Correct Concerning Termination Statements

question 5

Multiple Choice

Which of the following is correct concerning termination statements?

• A) A secured party must file a termination statement when consumer goods are involved and the debtor has paid for them.
• B) The termination statement clears the debtor's public record with regard to old, irrelevant financing statements so that the same collateral can be used again to secure a future loan.
• C) The secured party must file a termination statement within 20 days of a consumer debtor's demand, provided the debtor has paid the full debt.
• D) All of the above are correct concerning termination statements.

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Definitions:

Cerebellum

A part of the brain located at the back of the skull that is responsible for coordinating and regulating muscular activity.

Equilibrium

A state of balance or stability, where different elements are in the correct proportions or relation to each other.

Temperature Regulation

The physiological and behavioral processes by which living organisms maintain their body temperature within a certain optimal range, despite external temperature changes.

Hypothalamus

A region of the brain that coordinates the autonomic nervous system and the activity of the pituitary, controlling body temperature, thirst, hunger, and other homeostatic systems, and involved in sleep and emotional activity.