What is the status of a lender on collateral if they fail to perfect their security interest? What risks do they face for failing to prefect?

Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter18: Acquiring Capital For Growth And Development
Section18.2: Long-term Debt Financing
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What is the status of a lender on collateral if they fail to perfect their security interest? What risks do they face for failing to prefect? 

 
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