Ben lends Hong $500 and the loan is secured by Hong's furniture. if ben files a financing statement on January 30, 2010 then Until January 30, 2020, if a continuation statement is filed.
Financial statement-like document that is filed to tell other creditors of a security interest in property used to secure a debt and that contains information on the security interest; see also perfect sense b of the Uniform Commercial Code.
In that it registers debt with the state so that other creditors and the government can maintain track of legitimate security interests in real estate, the financial statement serves the same purpose as a real estate title.
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