Macy owes Smith $$3,000.$ The debt is secured by Macy's household furniture. Smith does not file a financing statement on the furniture. Macy defaults and Smith files suit against Macy to collect the debt. Which of the following is true?

Smith has a right to collect the $$3,000$ but does not have any rights in the collateral.

Smith has the right to repossess the collateral, sell it$,$ and collect any portion of the $$3,000$ debt

Smith has the right to repossess the collateral and to collect $$3,000.$

Smith has no rights against Macy because he failed to perfect.