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Is the Bank Correct That It Has Priority Because It

Question 13

Multiple Choice

Is the bank correct that it has priority because it has a perfected interest in the hang glider?


A) Yes,because it filed a financing statement,thus perfecting its interest.
B) Yes,because banks are excused from minor errors in financial documents,and thus the incorrect name in the financing statement does not affect perfection.
C) No,because the financing statement is filed under an incorrect name,thus perfection is likely not effective.
D) Yes,even though the financing statement is filed under a correct name,the filing of the statement perfected its interest in the hang glider.
E) No,it takes more than simply filing a financing statement for perfection to be effective.

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