Want to know:

Pemulis Auto delivered a car to Lloyd under a Lease Agreement, which provided that Lloyd would own the car after making the required pay-ments. Because such a transaction is in substance a secured sale on credit, Article 9 applies to the transaction. Does that mean that Pemulis Auto would have no effective security interest, because the parties signed a Lease Agreement, not a security agreement?a) Pemulis Auto will not have an effective security interest, for lack of a signed security agreement. b) Pemulis Auto has an effective security agreement, because the Lease Agreement will qualify as a security agreement. c) Pemulis Auto will not have a security interest, because it did not provide value d) Pemulis Auto will not have a security interest, becauses Lloyd has no interest in the collateral.

Get a detailed, AI-powered explanation for this question and thousands more on StudyFetch.