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mary loans money to her son marvelous marvin for college. in exchange he gives her his...

mary loans money to her son marvelous marvin for college. in exchange he gives her his valuable honus baseball card. marys intrest in the card...

A. Attaches and perfects immediately

B. attaches but is not perfected

C. is perfected but not attached

D. attaches and perfects only after she files a financing statement.

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Answer #1

Option C is correct. The only condition satisfied for the loan to be perfected is that Mary possesses the collateral (the baseball card) so it is perfected. However, the basic requirement for an attachment which is the debtor (in this case, Marvin) has to authenticate (or sign) a security agreement, is not met here.

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