Asked by Jonique Smith on May 05, 2024
Verified
Perfection by mere attachment of the security interest does not require giving public notice.
Perfection
In legal finance, the process of securing an interest in collateral, ensuring a lender's rights are prioritized over others in the event of borrower default.
Attachment
The legal process of seizing a defendant's property to ensure satisfaction of a judgment.
Public Notice
An official announcement made to the public through common communication channels.
- Familiarize yourself with the purpose of a financing statement in facilitating the perfection process and ensuring public notice.
Verified Answer
WG
Westside GeminiMay 10, 2024
Final Answer :
True
Explanation :
Perfection by mere attachment of the security interest,sometimes known as automatic perfection,is the only form of perfection that occurs without the giving of public notice.It occurs automatically when all the requirements of attachment are complete.
Learning Objectives
- Familiarize yourself with the purpose of a financing statement in facilitating the perfection process and ensuring public notice.
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