Which of the Following Is True About Continuation Statements

question 58

Multiple Choice

Which of the following is true about continuation statements?

• A)A continuation statement must be filled after the lapse of the five-year period of the financing statement.
• B)The continuation statement must be signed by the secured party.
• C)The effectiveness of the financing statement has nothing to do with the continuation statement.
• D)Continuation statements may be filed just once.

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Definitions:

Seize

To take possession of something forcefully or by legal authority.

Landowner

An individual or entity that holds legal title to a piece of land or property.

Bricklayer

A skilled tradesperson who lays bricks to construct brickwork.

Wages

Compensation paid to employees based on the hours worked or tasks completed, typically on a regular basis such as hourly or weekly.