Kathy Is the Secured Party in a Transaction with Julie,who

question 60

Multiple Choice

Kathy is the secured party in a transaction with Julie,who is the debtor.The collateral is a 2007 Chevrolet F150 pick-up truck. Kathy files a financing statement in which she describes the collateral as "a vehicle." To perfect Kathy's interest this is

• A)not sufficient.
• B)sufficient.
• C)sufficient as long as the financing statement also includes Julie's signature.
• D)sufficient as long as the financing statement also includes the location of the collateral.

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Definitions:

Material Fact

Any fact that is significant or essential to the subject at hand, which, if known, could influence a decision in a legal or financial transaction.

Subject Matter

The specific substance or area of concern upon which a discussion, work, or dispute is based.

Transposes Digits

To switch the positions of numbers within a number, often leading to errors in mathematical operations or data entry.

Unilateral Mistake

A contractual misunderstanding that occurs when only one party is mistaken about a fundamental aspect of the contract.