What is Authorization Required to File a Financing Statement

The video tutorial explains the process of secured lending, where a secured party lends money to a debtor and takes a security interest in goods. It covers the need for filing a financing statement to perfect security interests and the authorization required for such filings. If a security agreement is in place, authorization is implied. Otherwise, explicit authorization from the debtor is needed. The video also discusses the penalties for filing unauthorized financing statements, which can result in a $500 statutory penalty.

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