Final answer:
Under the crop lien system, a new financing statement is not needed to perfect a lien on the current year's crop when a subsequent OL loan is made if there's already a valid blanket chattel filing by the FSA that includes a lien on crops and no other intervening liens. Therefore, the answer is b. False.
Step-by-step explanation:
The question revolves around the concept of a financing statement required to perfect a lien on crops under the crop lien system. The crop lien system was prevalent in the agricultural sector where future crops were used as collateral to secure loans. In the given scenario, the presence of a valid blanket chattel filing by the FSA, which already includes a lien on crops, and the absence of any intervening liens means that it is not necessary to file a new financing statement for a subsequent Operating Loan (OL) on the current year's crop. Therefore, the answer is b. False.
It's important to consider the specifics of applicable law and regulations where new loans or circumstances might require additional filings, but based on the information provided, refinancing under the same secured blanket chattel with no new intervening liens typically would not require a new filing.
It's also worth noting that sharecroppers were tenant farmers who often did pay their rent with shares of their crops, as mentioned in the separate Exercise 17.3.3. This system was true in the context of agricultural arrangements, particularly after the Civil War in the Southern United States.