Hermey brokered the sale of all the personal property on the Island of Misfit Toys to Christmastown's Salvation Army. The Salvation Army had to purchase the personal property on credit and signed a promissory note for $5,000. Hermey wanted to make sure that the Island of Misfit Toys acquired a security interest in the personal property to preserve its collateral in the event the Salvation Army did not pay the promissory note in full. What must be done to perfect a security interest in the personal property sold on credit to Christmastown's Salvation Army? Your answer

Answer rating: 100% (QA)

A security interest is most commonly created when a secured party such as a lender takes an interest ... View the full answer