A creditor who extends credit for the purchase of a consumer good under a written security agreement does not have to file a financing statement or take possession of the goods to perfect security interest.

Question

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According to the Uniform Commercial Code (UCC), a written security agreement serves as sufficient notice of a secured party's security interest in the purchased consumer good. Filing a financing statement or taking possession of the goods is not required to perfect the security interest in this scenario.

A Creditor Who Extends Credit for the Purchase of a Consumer