Samson Dsouza Submits a Financing Statement in the Year 2000

question 17

Multiple Choice

Samson Dsouza submits a financing statement in the year 2000 to perfect his security interest against Kevin.Later in the year 2006,Samson tries to attach the security interest in the property.Will Samson succeed in the attachment of the security interest?

• A) Samson will succeed since he has filed his financing statement.
• B) Samson will not succeed as the financing statement has lapsed.
• C) Samson may enforce his security interest by filing continuation statement.
• D) The security interest will automatically be enforced.

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Definitions:

Business Combination

The process of merging or acquiring businesses to create a single entity, often to enhance strategic positioning or market share.

Acquirer

The entity that obtains control of another entity (acquiree) in a business combination, often by purchasing a majority stake.

Liabilities

Financial obligations or debts that an entity is responsible for settling, generally arising from past transactions or events.

Current Tax Assets

Assets on the balance sheet representing taxes that are recoverable in the short term because taxes were paid in advance or too much tax was paid compared to the tax liability.