Rollover Funds perfects a security interest in Steel Mill Inc.'s equipment by filing. When Steel Mill finally pays the debt, the debtor is entitled to the filing of
A) none of the choices.
B) a termination statement.
C) a confirmation request.
D) an amendment.

Question

Quizplus · Accepted Answer

When the debt is paid off, the debtor is entitled to a termination statement. This statement releases the security interest in the equipment and removes the financing statement from the public record. Therefore, choice B, filing a termination statement, is the best choice. Choices A, C, and D are all incorrect as they do not apply to the situation described.

Rollover Funds Perfects a Security Interest in Steel Mill Inc