Custom Software Is Developed and Maintained by Enterprise Resource Planners

question 60

True/False

Custom software is developed and maintained by enterprise resource planners.

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Definitions:

Financing Statement

A document filed to give public notice of a secured creditor's interest in the property of a debtor, usually used in securing personal property transactions.

Secured Party

A lender or investor who has a legal right or interest in collateral pledged by a borrower to secure repayment of a loan.

Revised Article 9

An update to the Uniform Commercial Code that deals with secured transactions, outlining the rules regarding the granting of a security interest in personal property.

UCC

An all-encompassing body of laws, known as the Uniform Commercial Code, administers the conduct of commercial transactions throughout the United States.