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PLEASE GIVE EXPLANATION Bill buys a new John Deere riding lawn...

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Accounting

PLEASE GIVE EXPLANATION

Bill buys a new John Deere riding lawn mower for $10,000 for personal use. Bill signs a promissory note for $10,000 payable to the order of "Deere & Co." and signs a security agreement covering the lawn mower. Deere and Co. does not file a financing statement. Is the security interest perfected?

Answers:

A.

Yes, because the security interest was perfected under the garage sale rule.

B.

Yes, because this was a purchase money security interest which was automatically perfected.

C.

No, because the lawn mower was a consumer good.

D.

No, because a security interest can only be perfected by the filing of a financing statement or taking possession of the secured property.

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