Which Statement Is True Regarding Michael's Statement That the Security

question 11

Multiple Choice

Which statement is true regarding Michael's statement that the security interest of ABC was not perfected?

• A)Michael is correct only because in the case of luxury goods,a financing statement must be filed within 20 days of the sale in order for the seller to establish perfection.
• B)Michael is correct because the security interest perfected when he was still in possession of the collateral 30 days after the purchase.
• C)Michael is wrong because the security interest perfected immediately.
• D)Michael is correct because no financing statement was filed.
• E)Michael is correct because the security interest perfected when he was still in possession of the collateral 60 days after the purchase.

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Definitions:

Emancipation

The legal process through which a minor becomes self-supporting and assumes adult responsibility for their welfare.

Under Age

Refers to individuals who are below the legal age of majority, typically under 18 years old, and thus are restricted from certain activities and legal responsibilities.

Position and Condition

This phrase generally relates to the state or circumstances of a particular situation or entity at a certain time.

Costly Legal Action

Legal proceedings that incur significant expenses, often involving litigation or dispute resolution processes.