Bilbo sold his one ring of power to Frodo on a 20-year installment contract under which Bilbo retained a security interest in the ring, which Frodo planned to use in his career as a spy against Mordor. Bilbo filed a UCC-1 financing statement in Shire County filing office on June 1, 2012. Bilbo filed a continuation statement on November 1, 2016. When will Bilbo lose his security interest in the ring, assuming no other documents are filed (and Middle Earth has adopted the UCC in all respects)?

1. May 31, 2017

2. June 1, 2017

3. June 1, 2022

4. None of the above

5. Bilbo's interest is automatically perfected without lapse