No Nonsenseis a small lending institution that prides itself on providing great customer service.That's why it tries not to clutter up a perfectly good deal with too much paperwork.S. Plath approachesNo Nonsenseabout a loan and offers to put up her antique bell jar as collateral.No Nonsense's manager tells Ms. Plath, "There's no need to fill out any forms.We'll loan you the money if you will let us hold the bell jar until the loan is paid off."Ms. Plath agrees, hands over the bell jar toNo NonsenseandNo Nonsenseloans Ms. Plath the money.DoesNo Nonsensehave a security interest?If so, is it perfected in its interest? Please explain your answer.