Jeff Harris owns an appliance store. On January 1 he borrowed 50,000 dollars for improvements to the store from BBT, who took a security interest in all of the equipment and fixtures in the store. On February 1, 2013, Jeff purchased on credit, 20,000 dollars worth of inventory from Appliance Maker Inc., who had Jeff sign a promissory note that gave Appliance Maker a security interest in all of the inventory sold to Jeff. On March 1, Jeff purchased a top-of-the-line Smart T.V. from Best Buy, on credit, and gave it to his wife as an anniversary present.

1. What did BBT have to do to perfect its security interest. 

2.What did Appliance Maker have to do to perfect its security interest. 

3. What did Best Buy have to do to perfect its security interest. 

Answer rating: 100% (QA)

Perfection of security interest gives room to the creditor to have priority of payment over all othe... View the full answer