When a Secured Debt Is Paid, the Secured Party Must

question 32

True/False

When a secured debt is paid, the secured party must file a termination statement regardless of the goods' classification.

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Definitions:

Executive

A high-ranking official or administrator within an organization, often responsible for making significant decisions and policies.

Liable for Payment

Being legally responsible for covering a debt or financial obligation.

Forged Signature

A signature that has been illegally copied or fabricated without the authorized person's consent.

Checking Account

A bank account from which withdrawals can be made using checks, ATMs, or debit cards, often without restrictions.