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An infant is shown an interesting rattle and appears to like it. Then the mother places the rattle under a blanket. The infant appears to forget about the rattle completely. Which of the following is most likely true?
Perfection
A legal process by which a secured creditor establishes a priority claim on a debtor's asset over others, often through a public registration.
Legal Steps
The procedures or actions required by law to achieve a certain outcome, such as filing a lawsuit or executing a contract.
Collateral
Property or other assets that a borrower offers a lender to secure a loan.
Financing Statement
A financing statement is a document filed by a creditor to indicate a security interest in the property of the debtor for purposes of establishing priority claims.
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