Which of the following is true of financing statements?

Question

Quizplus · Accepted Answer

Financing statements are available for review by the public. This allows interested parties to check if there are any outstanding security interests on a particular asset. A financing statement is filed by a creditor to notify other parties that they have a security interest in a debtor's assets. This statement is usually effective for five years from the date of filing, and can be extended for another term before expiry. Financing statements can also be electronically filed in most jurisdictions.

Which of the Following Is True of Financing Statements