DC Bar Practice Questions - District Of Columbia Bar Examination Exam

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A creditor takes a security interest in a debtor's inventory. To perfect the security interest and gain priority over later creditors, the secured party generally must:

Take possession of all the inventory Obtain a court judgment first Record a mortgage in the land records File a financing statement (UCC-1) in the appropriate filing office

Correct Answer:

File a financing statement (UCC-1) in the appropriate filing office

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