Mike loans Jim $10,000 to help him pay off that engagement ring. Jim tells Mike that he will give Mike a security interest in his Rolex watch. Mike says that is fine but no formal paperwork is drafted. Jim defaults on the loan. Mike calls Jim and tells him that he is going to repossess the Rolex. Is Mike entitled to do that?

A. Yes. Mike is a secured party to the Rolex.

B. No. Mike's security interest is not valid.

C. Yes. But only if Mike can get the property without disrupting the peace.

D. No. Unless Mike can specifically identify the Rolex watch which is subject to this agreement.