1. Carson bought a ruby ring from Dazzling Diamonds as an anniversary present for his wife. Carson signed a purchase money security agreement giving Dazzling Diamonds a security interest in the ring until it was paid for. Dazzling Diamonds did not file a financial statement covering its security interest. Carson filed for bankruptcy. The bankruptcy trustee claim that the ring was part of the bankruptcy estate because Dazzling Diamonds did not perfect its security interest. Dazzling Diamonds claimed that it had a perfected security interest in the ring.
   1. Did Dazzling Diamond have to file a financing statement to perfect its security in the ruby ring?