Final answer:
The financing statement filed by Country Bank includes Chmelik's name, business address, and a description of the collateral. However, since Chmelik resides in Illinois, the statement should be filed in Illinois unless his principal residence is in Indiana. There is a potential jurisdictional issue with the filing.
Step-by-step explanation:
To determine whether the financing statement filed by Country Bank is sufficient in relation to the security interest in the copyright owned by Chmelik, we need to consider the rules for perfection under Uniform Commercial Code (UCC) Article 9, which governs secured transactions. For a financing statement to be sufficient, it must provide certain details: the name of the debtor, the name of the secured party, and a description of the collateral. In this case, the financing statement includes Chmelik's correct name, his business address, and a reasonable description of the copyright. However, there might be a jurisdictional issue, as Chmelik resides in Illinois. Generally, for the purposes of perfection of a security interest, the financing statement must be filed in the state of the debtor's location, which for an individual is their principal residence.
If Chmelik's principal residence is in Illinois, the financing statement should be filed there, not Indiana, notwithstanding his business address being in Indiana. This is a common nuance in secured transactions that must be properly addressed to ensure that a security interest is properly perfected. As such, unless Chmelik's principal residence is indeed in Indiana, the filing in Indiana may not perfect the security interest.