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Financing statement |
: a statement that contains information about a security interest in collateral used to secure a debt and that is filed to provide notice to other creditors of the security interest
see also perfect Uniform Commercial Code in the Important Laws section
compare financial statement
Under Article 9 of the Uniform Commercial Code, a financing statement must 1) give the names of the debtor and the secured party, 2) be signed by the debtor, 3) give the address of the secured party, 4) give the address of the debtor, and 5) indicate the items of collateral.
| Based on Merriam-Webster's Dictionary of Law ©2001. Merriam-Webster, Incorporated Published under license with Merriam-Webster, Incorporated. http://www.m-w.com |
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slight negligence
failure to exercise the great degree of care typical of an extraordinarily prudent person
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