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Name: FINANCING S TATE AND LOCAL G OF E R N M E N T 12 C O M PL E T IO N Fill in the blank with the term being defined. 1. Official whose duty it is to place a value on property for tax purposes 2.
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Financing statement is a legal document that provides details about a loan or lease agreement, including information about the parties involved and the collateral.
Lenders or creditors who provide financing are typically required to file financing statements to protect their interest in the collateral.
Financing statements can be filled out electronically or on paper forms provided by the appropriate government agency. The form typically requires information about the debtor, the collateral, and the secured party.
The purpose of financing statements is to provide notice to the public regarding a lender's interest in the collateral, which helps protect the lender's rights in case of default.
Information such as the names and addresses of the debtor and secured party, description of the collateral, and any other relevant details about the loan or lease agreement must be reported on financing statements.
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