Mary and Mark live in Illinois. Mary lends Mark $10,000.00. Mark wants some security of repayment and aks for a security agreement on Mary's car. Instead Mary gives him her diamond necklace worth $8,000.00. He agrees to to this arrangement and takes possession of the necklace. To "perfect" this security interest Mark needs to obtain a written security agreement and file it with the Illinois Secretary of State? True/False.
Mary and Mark live in Illinois. Mary lends Mark $10,000.00. Mark wants some security of repayment and aks for a security agreement on Mary's car. Instead Mary gives him her diamond necklace worth $8,000.00. He agrees to to this arrangement and takes possession of the necklace. To "perfect" this security interest Mark needs to obtain a written security agreement and file it with the Illinois Secretary of State? True/False.
Related questions
Question
Mary and Mark live in Illinois. Mary lends Mark $10,000.00. Mark wants some security of repayment and aks for a security agreement on Mary's car. Instead Mary gives him her diamond necklace worth $8,000.00. He agrees to to this arrangement and takes possession of the necklace. To "perfect" this security interest Mark needs to obtain a written security agreement and file it with the Illinois Secretary of State? True/False.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps