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What is perfection of a security interest?

For the security interest to be perfected, a financing statement must be filed. A financing statement lasts for 5 years but can be re-filed indefinitely every five years. A security interest can be ‘perfected’ without having to file a financing statement if the sale is made to a consumer. Perfection of a security interest can be achieved by any one of the following options:

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  • What is a security interest?

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