Brass & Woodwind Instruments, Inc., allows Clifton to keep a professional clarinet that he bought from Brass & Woodwind even though he has not paid the full price. Brass & Woodwind's legally sufficient financing statement in the goods need not include
A) a description of the collateral.
B) a statement of the reason for allowing Clifton to take the goods.
C) Brass & Woodwind's name.
D) Clifton's name.

Question

Brass & Woodwind Instruments, Inc., allows Clifton to keep a professional clarinet that he bought from Brass & Woodwind even though he has not paid the full price. Brass & Woodwind's legally sufficient financing statement in the goods need not include​
A) ​a description of the collateral.
B) ​a statement of the reason for allowing Clifton to take the goods.
C) ​Brass & Woodwind's name.
D) ​Clifton's name.

Quizplus · Accepted Answer

The legally sufficient financing statement needs to include a description of the collateral, Brass & Woodwind's name, and Clifton's name. However, it does not need to include a statement of the reason for allowing Clifton to take the goods.