true or false

1. A party who owes payment or performance of a secured obligation is the secured party.

2) To create an enforceable security interest, the collateral must be neither in the possession of the debtor nor the secured party, but in escrow.

3) Providing only a debtor's trade name in a financing statement is sufficient for perfection even if the trade name is not the legal name of the business.

4) Al's Toy Bam, Inc. can give Woody's Loan Company a security interest in future inventory to be acquired by Al's.

5) When a security interest is perfected, it has priority over all other security interests.