Question
Gary went to a pawn shop to obtain a loan. As collateral for the loan, Gary provided three pieces of jewelry: a ring, a necklace,
Gary went to a pawn shop to obtain a loan. As collateral for the loan, Gary provided three pieces of jewelry: a ring, a necklace, and a watch. Gary received the funds when he provided the collateral and signed a contract with the pawn shop to document the loan. Which of the following describes the secured transaction?
Question 6 options:
| The loan was perfected through physical possession. |
| The loan was perfected through registration of the security. |
| The secured interest has not yet been perfected. |
| The secured interest has not yet attached to the collateral. |
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