In the case in the text,In re Lance,the court held that the credit union's security interest in the snowmobile automatically perfected because:
A)the snowmobile was a consumer good.
B)the credit union filed a financing statement with the secretary of state.
C)the credit union possessed the snowmobile.
D)the credit union filed a continuation statement before the financing statement lapsed.

Question

Quizplus · Accepted Answer

The court held that the snowmobile was classified as a consumer good.Therefore,because the UCC provides for the automatic perfection of purchase money security interests taken in consumer goods,the credit union had a perfected security interest in the snowmobile.

In the Case in the Text,In Re Lance,the Court Held