Sam is the secured party in a transaction with Lilly, who is the debtor. Sam files a financing statement with the appropriate state official. The financing statement must contain
A) Lilly's signature.
B) Sam's bank account information.
C) Lilly's credit report.
D) a photograph of the collateral.

Question

Sam is the secured party in a transaction with Lilly, who is the debtor. Sam files a financing statement with the appropriate state official. The financing statement must contain​
A) ​Lilly's signature.
B) ​Sam's bank account information.
C) ​Lilly's credit report.
D) ​a photograph of the collateral.

Quizplus · Accepted Answer

A financing statement must contain the debtor's name, which is often represented by the debtor's signature, to properly identify the debtor in the transaction.

Sam Is the Secured Party in a Transaction with Lilly