3. Unless properly renewed, a financing statement expires after five years from the date of fling.

a. True

b. False

4. Which of the following parties can obtain and benefit from a PMS?

a. Both the merchant and the bank referenced in the other possible answers.

b. A merchant who sells goods on credit to a customer.

c. A bank that lends money to a debtor for the specific purpose of enabling that debtor to acquire the goods that serve as the collateral for the bank.

d. Neither the merchant nor the bank referenced in the other possible answers.