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Critiquing a research article helps analyze a study's strengths and limitations. The purpose of research is to find out the truth and use it to improve humankind. That is why analyzing a study before...

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Ch 30 Secured Transactions 2 assignment

Ch 30 Secured Transactions 2 assignment

Q 1) How long is a financing statement effective? How can it be extended? 2) What is the creditor's obligation realted to a filed financing statement once the debt is paid off by the debtor? 3) Upon debtor's default what rights does the creditor have to the collateral? 4) If upon repossesiion and resale the creditor gets an amount IN EXCESS of the debt can the creditor keep it? 5) If upon repossession and resale the creditor gets an amount LESS that the outstanding debt does the creditor have any further legal rights against the debtor?

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The effective period in case of a financing statement is 5 years (Clarkson, Miller & Cross, 2016). However, the period of five years must be counted from the date of filing. A financing statement can be extended be ensuring that there has been a financial statement filed after being revised. There must be a subsequent period for which the revised statement must be filed.