Which of the Following Is Correct Concerning Termination Statements

question 29

Multiple Choice

Which of the following is correct concerning termination statements?

• A)A termination statement must be filed by a secured party when a debtor has defaulted on a loan.
• B)For consumer debt,the secured party must complete a termination statement in every place that it filed a financing statement.
• C)The secured party must file a termination statement within 30 days of a consumer debtor's demand,provided the debtor has paid the full debt.
• D)A termination statement indicates that a secured party is transferring its rights to collateral to another party.

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