Detailed Answer
(c) Perfection of a security interest is important in that
it establishes for a secured party priority over the claims that may
be made by most subsequent secured creditors. Answer (a) is
incorrect because there are three methods of obtaining perfection
and one of them is filing a financing statement. Answer (b) is
incorrect because subsequent creditors may still obtain security
interests in the same collateral although they will normally obtain
a lower priority. Answer (d) is incorrect because of times the
debtor retains possession of the collateral.
