Question: Barron loaned Nick $ 8 , 0 0 0 for one year at 6 . 5 percent interest. Nick gave Barron his 4 0 -

Barron loaned Nick $8,000 for one year at 6.5 percent interest. Nick gave Barron his 40-foot sailboat to secure the debt. Barron agreed to return the sailboat when Nick paid his debt. Which of the following statements is true?
a
A security interest attached to the sailboat.
b
A security interest did not attach to the sailboat because it was not perfected.
c
The transaction is illegal.
d
Attachment is not relevant to this situation.

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