The Notice Filing Systems in Place in Most Provinces Have

question 24

Multiple Choice

The notice filing systems in place in most provinces have which of the following advantages?

• A)A secured party can perfect its security interest by filing a financing statement electronically.
• B)A notice of each new security agreement between a secured party and a debtor is sent to all financial institutions.
• C)Notice filings provide notice of the availability of hard copies of security agreements.
• D)A secured party can register a security interest as soon as the security agreement is entered into.
• E)The notice filing system provides a system of indefeasible validity to registered charges.

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Definitions:

Fault Relay Contact

An electrical switch that opens or closes in response to a fault condition, used for safety or control in electrical circuits.

Processor Malfunction

An error condition in which the CPU of a computer or industrial control system fails to operate correctly.

Input Address

The unique identifier used in PLC (Programmable Logic Controller) programming and other computer systems to specify the location of an input signal or data.

Forced Status

A condition where the state of a device or component is manually set or overridden, typically for testing or emergency purposes.