Asked by Kassidy Trovato on Jul 24, 2024
Verified
Perfection of a security interest in a motor vehicle generally occurs when the secured party files a financing statement with the Federal Trade Commission (FTC).
Perfection
The series of legal steps a secured party takes to protect its right in the collateral from the other creditors who want their debt returned through the same collateral.
Security Interest
A legal claim or right granted over property to secure the payment of a debt or obligation.
Financing Statement
A document that lists the names and addresses of all the parties involved in the transaction, a description of the collateral, and the signature of the debtor.
- Understand the process and implications of perfection of security interests.
Verified Answer
Learning Objectives
- Understand the process and implications of perfection of security interests.
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