Question: Study Guide Only: hat does it mean for a loan to be secured by personal property? Why is filing a UCC-1 financing statement so important

Study Guide Only:

  1. hat does it mean for a loan to be secured by personal property?
  2. Why is filing a UCC-1 financing statement so important for a creditor? What purpose does it serve?
  3. Your book talks about why it's so important for a UCC-1 form to properly name the debtor. Why is it important? What does it mean for a creditor to be "unsecured" if a debtor files bankruptcy?
  4. What are the benefits for a debtor who secures a loan with personal property?

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