A financing statement is valid:
A) for a period of five years from the date of filing.
B) until a continuation statement is filed after its expiry.
C) until the creditor is in possession of the collateral.
D) for a period of ten years from the date of filing.

Question

Quizplus · Accepted Answer

A financing statement is effective for a period of five years from the date of filing. It lapses unless a continuation statement has been filed before that time. An exception is made for real estate mortgages that are effective as fixture filings. These are effective until the mortgage is released or terminates.

A Financing Statement Is Valid