Elias repays his debt,incurred to buy consumer goods,to Fidelity Bank and immediately files a written request for a termination statement.Fidelity

Question

Quizplus · Accepted Answer

According to the Uniform Commercial Code (UCC), a debtor has the right to request a termination statement from the secured party as soon as the debt is fully repaid. The secured party (Fidelity Bank in this case) must comply with the request within 20 days of receipt of the written request. Therefore, option B is the correct answer. Option A and C are incorrect because they do not reflect the provisions of the UCC. Option D is also incorrect because the secured party has a legal obligation to comply with the debtor's request for a termination statement.

Elias Repays His Debt,incurred to Buy Consumer Goods,to Fidelity Bank