Which one of the following is not true about the historical evolution of asset-based lending?

Group of answer choices

Asset-based lending has been an extremely important source of financing in nearly all developed countries but has been only important in a few developing economies historically.

Factoring is an antecedent of asset-based lending (i.e., factoring was invented before ABL).

The history of factoring can be traced back to the Roman Empire.

Even though factoring involves the purchase of accounts receivable, the underwriting techniques used in asset-based lending against account receivable are similar in many ways.

Today asset-based lending is more important than factoring in the U.S.

The growth of asset-based lending in the U.S. was facilitated in the 20th century by the passage of the Uniform Commercial Code.