Describes the secured transaction

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Reference no: EM133474434

Question: Gary went to a pawn shop to obtain a loan. As collateral for the loan, Gary provided three pieces of jewelry: a ring, a necklace, and a watch.

Gary received the funds when he provided the collateral and signed a contract with the pawn shop to document the loan. Which of the following describes the secured transaction?

Question 6 options: The loan was perfected through physical possession.

The loan was perfected through registration of the security. The secured interest has not yet been perfected. The secured interest has not yet attached to the collateral.

Reference no: EM133474434

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