Fact Pattern 29-1B
Call's Farm & Ranch Supply,Inc. ,uses its inventory as collat?eral for a loan from Deland County Bank.The bank files a financing statement with the secretary of state in the state in which Call's was chartered.One year later,Call's changes its name to Big C's,Inc.
-Refer to Fact Pattern 29-1B.To continue the effectiveness of its perfected interest,Deland County 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.

Question

Fact Pattern 29-1B 
Call's Farm & Ranch Supply,Inc. ,uses its inventory as collat?eral for a loan from Deland County Bank.The bank files a financing statement with the secretary of state in the state in which Call's was chartered.One year later,Call's changes its name to Big C's,Inc.
-Refer to Fact Pattern 29-1B.To continue the effectiveness of its perfected interest,Deland County 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.

Quizplus · Accepted Answer

The bank must file an amendment to the financing statement to reflect the debtor's name change to maintain the effectiveness of its perfected security interest.