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Question
(p. 897; 898) Nick bought a diamond ring on credit from Rike as an engagement present for his fiance. He signed a purchase money security agreement giving Rike a security interest in the ring until it was paid for. Rike did not file a financing statement covering its security interest. Nick filed for bankruptcy. The bankruptcy trustee claimed that the diamond ring was part of the bankruptcy estate because Rike did not perfect his security interest. Rike claimed that it had a perfected security interest in the ring. Did Rike have to file a financing statement to perfect its security interest in the diamond ring?
Answer
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