Fact Pattern 29-1B

question 22

Multiple Choice

Fact Pattern 29-1B
Tech Support Corporation uses its office equipment as collat?eral for a loan from United Bank. The bank files a financing statement with the secretary of state in the state in which Tech Support was chartered. One year later, Tech Support changes its name to Vector, Inc.
-Refer to Fact Pattern 29-1B. To continue the effectiveness of its perfected interest, United Bank must file

• A) a continuation statement after the original filing expires.
• B) an amendment to the financing statement before the period expires.
• C) a new financing statement immediately.
• D) a notice of repossession with all interested creditors.

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Definitions:

Debtor

An individual or organization that owes money or debt to another entity.

Default

A failure to fulfill a legal obligation, especially to repay a loan or appear in a court of law.

Lien

A legal right or claim against a property, typically used as security for a debt or obligation.

Construction Company

A business entity engaged in the construction of buildings, infrastructure, and other physical structures.