Generally, when may a security interest be perfected in collateral?
A) By the secured party's filing a financing statement in the designated public office.
B) By the secured party's taking or retaining possession of the collateral.
C) Automatically, on the attachment of the security interest.
D) Temporarily, for a period specified by the Code
E) All of these, depending on the type of collateral.

Question

Quizplus · Accepted Answer

A security interest may be perfected in collateral by filing a financing statement in the designated public office, taking or retaining possession of the collateral, or by automatic attachment. The method of perfection may vary depending on the type of collateral, such as whether it is a motor vehicle or a negotiable instrument. Therefore, all of the choices may apply depending on the circumstances. The security interest may also be temporarily perfected for a period specified by the Code, such as a purchase-money security interest in consumer goods.

Generally, When May a Security Interest Be Perfected in Collateral