Is the Bank Correct That It Has Priority Because It

question 13

Multiple Choice

Is the bank correct that it has priority because it has a perfected interest in the hang glider?

• A)Yes,because it filed a financing statement,thus perfecting its interest.
• B)Yes,because banks are excused from minor errors in financial documents,and thus the incorrect name in the financing statement does not affect perfection.
• C)No,because the financing statement is filed under an incorrect name,thus perfection is likely not effective.
• D)Yes,even though the financing statement is filed under a correct name,the filing of the statement perfected its interest in the hang glider.
• E)No,it takes more than simply filing a financing statement for perfection to be effective.

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