58.

To pay tuition at City College, Dora borrows funds from Equity Credit and gives as security a note on which Dora is the payee. Equity Credits loan officer agrees to hold the note as collateral. The lender does not file a financing statement. Equity Credits security interest is perfected because

a. default on a student loan is not a credible option.

b. the collateral is intangible.

c. Doras other creditors are not aware that Equity Credit holds the note.

d. the lender possesses the note.