Westonci.ca is the ultimate Q&A platform, offering detailed and reliable answers from a knowledgeable community. Explore our Q&A platform to find reliable answers from a wide range of experts in different fields. Explore comprehensive solutions to your questions from a wide range of professionals on our user-friendly platform.
Sagot :
Answer:
False. The bank is NOT an unsecured creditor.
Explanation:
An unsecured creditor can be described as an individual or institution that lends money without requiring the borrower to put up any assets as collateral.
Financing Statement is a statement that a creditor files to notify interested parties that he has a security interest in a personal property of a debtor. The personal property is therefore held as collateral in a secured transaction, such as a loan or a lease.
Since the bank negotiated the use 1,000 gidgits as collateral and then filed a UCC-1 Financing Statement with the Register of Deeds where Gidgits Galore has its headquarters, it implies that the bank is a secured creditor.
Therefore, the bank is NOT an unsecured creditor.
Thanks for using our service. We're always here to provide accurate and up-to-date answers to all your queries. Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. Keep exploring Westonci.ca for more insightful answers to your questions. We're here to help.
