Great State Bank loans money to Seth, securing the loan with property owned by Seth. Great State Bank is advised by its attorney to file a financing statement. Great State Bank doesn't understand why it should spend the extra money for this filing, since Seth has told them that he has no other creditors. Why should Great State Bank file a financing statement?
A)There are criminal penalties for failing to file.
B)The financing statement allows Great State Bank to repossess the collateral on default without a court order.
C)The financing statement will protect Great State's priority rights with other creditors by giving notice to other creditors that it claims a security interest in the collateral.
D)Filing the financing statement is necessary to complete the attachment requirement in order to create a security interest.
Question 2
Paul has a contract to sell i-watches to a Jo Ann in Vietnam, and enter into a contract to purchase the i-watches from Gregory in Silicon Valley. The Vietnam Government banned i-watches imported into the country. Consequently, Paul cancels the contract with Gregory. Is frustration of purpose recognized in the United States?
A) Breach of contract
B) Recognized in the United States
C) Generally not recognized in the United States
D) Anticipatory repudiation
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