Wesley owns a large house free and clear of any encumbrance. In the entryway to Wesley's house is a large and valuable chandelier. In 2009, Wesley obtained a loan from BigBank and granted BigBank a security interest in the chandelier. BigBank filed a financing statement describing the chandelier in the Secretary of State's office. Wesley declared bankruptcy in 2012. Can the bankruptcy trustee set aside BigBank's security interest?
1. Yes, because the chandelier is a fixture and BigBank must therefore file a fixture filing.
2. Yes, because BigBank should have filed its financing statement in the local county recorder of deeds office.
3. No, because perfection in the Article 9 system is sufficient to take priority over the bankruptcy trustee.
4. No, because the chandelier is not a fixture.