A secured party's interest in proceeds lasts for ________ after the debtor receives the proceeds.
A)three years
B)one year
C)180 days
D)30 days
E)10 days

Question

Quizplus · Accepted Answer

Under the Uniform Commercial Code,the secured party's interest in proceeds lasts for only ten days after the debtor receives the proceeds.At that time,the secured party will typically need to file a new financing statement.The parties may also agree in the security agreement that there will be extended coverage of interest in the proceeds.

A Secured Party's Interest in Proceeds Lasts for ________ After