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Sam Furber purchased a home in 2007 for $636,000, giving a mortgage to CNN Mortgage Co. for $500,000.After moving in, Sam had a built-in dining...
Sam Furber purchased a home in 2007 for $636,000, giving a mortgage to CNN Mortgage Co. for $500,000. After moving in, Sam had a built-in dining cabinet and bookshelves installed. He financed the shelving with Libraries, Inc., a total of $22,000. Libraries filed a financing statement on the security interest in the shelving on March 18, 2008. The shelving and cabinet are attached to the walls of the home. In 2009, Sam had a home theater installed by Living Entertainment. Living Entertainment financed the installation, a total of $41,000, through a security interest and filed a financing statement on September 9, 2009. The home theater includes an in-wall screen as well as projection equipment suspended from the ceiling and 12 recliner chairs. Sam lost his job and has defaulted on his mortgage payment. CNN is foreclosing on Sam's home.
Where would the financing statement for Libraries have to be filed to be valid?
a. They must be filed locally with the land records
b. None of the above
c. They must be filed centrally with state records
d. They are not required to be filed because they are purchased money security interests
