I was told that if the debtor pays off the loan and later reborrows from the same lender, using the same collateral, a new financing statement needs to be filed. Is this true?
Filings and loans have nothing to do with each other. The filing is a notice that an interest may exist. A security agreement authenticated by the debtor, value given by the secured party to the obligor, and the debtor having rights in the collateral gives the secured party a lien. Only one financing statement need be recorded per debtor, which puts the world on notice that a perfected lien may exist and where to go to get additional information regarding such lien. See the note on the previous question.
