Lenders Bank Files a Financing Statement Regarding a Transaction with Metro

question 16

Multiple Choice

Lenders Bank files a financing statement regarding a transaction with Metro Construction Company. To be valid, the financing statement must contain all of the following except​

• A) ​a description of the collateral.
• B) ​a statement of the purpose for the transaction.
• C) ​Lenders' name.
• D) ​Metro's name.

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Definitions:

Hurricane Katrina

A devastating Category 5 hurricane that struck the Gulf Coast of the United States in August 2005, leading to significant loss of life, widespread destruction, and highlighting issues of government response and disaster preparedness.

Poverty

A state or condition in which an individual or community lacks the financial resources and essentials for a minimum standard of living.

Federal Government

The national government of a federal state, which holds the authority to govern matters that affect the entire country, separate from state or local governments.