Asked by Tyler Lewis on May 27, 2024

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What is the national standard for perfecting a security interest in an automobile or a boat?

A) Perfection by pledge or perfection by filing
B) Perfection by filing or perfection by possession
C) Automatic perfection or perfection by possession
D) Automatic perfection or perfection by filing
E) No national standard exists for perfecting a security interest in an automobile or a boat.

Perfection by Filing

A process in which a secured party files a financing statement with a public office, establishing the priority of their security interest over the claims of third parties regarding the same collateral.

Security Interest

A legal claim or right on assets granted to a creditor or a lender, to secure the repayment of a debt.

Automobile

A road vehicle, typically with four wheels, powered by an internal combustion engine or electric motor, used for transporting passengers.

  • Absorb the precise directives overseeing security interests in specific property types, encompassing trademarks, copyrights, patents, chattel paper, and property acquired afterward.
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HP
Harpreet ParharMay 27, 2024
Final Answer :
E
Explanation :
No national standard exists for perfecting a security interest in an automobile or a boat.Each state has created special laws that pertain to perfection of security interests in motor vehicles.