Conner lends Harvey $2000 and the loan is secured by Harvey's furniture.If Conner files a financing statement on January 30,2018,how long will he keep his security interest?

Question

Quizplus · Accepted Answer

Under UCC Article 9, a financing statement securing a loan typically remains effective for five years from the date of filing. It can be extended for additional five-year periods by filing a continuation statement within six months before the expiration of the initial period. Since the initial filing was on January 30, 2018, it would originally last until January 30, 2023. Filing a continuation statement before July 30, 2022 (six months before the expiration), would extend the effectiveness until January 30, 2028.

Conner Lends Harvey $2000 and the Loan Is Secured by Harvey's