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Home Q & A Board Humanities Legal Studies
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Ka Ka
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6 years ago
Country Bank, located in Indiana, loaned Chmelik 5,000 and obtained a security interest in a copyright Chmelik owns. Chmelik lives in Illinois, but works in Indiana. In order to perfect its interest, Country Bank files a financing statement in Indiana. The financing statement provides Chmelik's correct name, his business address, and a reasonable description of the copyright used as collateral. Is the financing statement sufficient?
 A)Yes, it meets the UCC requirements for contents and filing.
 B)No, if the debtor is an individual, the secured party must file in the state of the debtor's principal residence, which in this case would be Illinois.
 C)No, the secured party needed to file a financing statement in both Indiana and Illinois.
 D)No, a security interest cannot be attached to a copyright.
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ashloashlo
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6 years ago
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