The payment of Lewellyn's debt to Miklos is guaranteed by Lewellyn's personal property.Miklos is most likely to perfect his interest by
A)insuring Lewellyn's property for the full amount of its value.
B)calculating the precise amount of Lewellyn's debt.
C)correcting grammatical errors in the parties' written agreement.
D)filing a financing statement with the appropriate authority.

Question

Quizplus · Accepted Answer

Filing a financing statement with the appropriate authority is the best way for Miklos to perfect his interest in Lewellyn's personal property. This will ensure that Miklos has a security interest in the property that will be recognized by other potential creditors or buyers of the property. Insuring the property or calculating the precise amount of Lewellyn's debt does not necessarily protect Miklos' interest in the property. Correcting grammatical errors in the written agreement may be important for clarity and enforceability, but it does not directly affect Miklos' interest in the property.

The Payment of Lewellyn's Debt to Miklos Is Guaranteed by Lewellyn's