Frank's Motorcycle Shop is a sole proprietorship owned and operated by Frank. Frank wishes to finance the construction of a new facility to house the operations of Frank's Motorcycle Shop. Frank goes to XYZ Bank and borrows $250,000 dollars. Frank then signs a security agreement granting XYZ Bank a security interest in his Ferrari (XYZ Bank promptly applies to the state titling agency, as required by the state's certificate of title act, to have its lien marked on the title certificate). Under the security agreement, the loan is furthered secured by Frank's vintage collection of Susan B. Anthony dollar coins, as well as "all inventory and equipment" of Frank's Motorcycle Shop. XYZ Bank files a financing statement (under Frank's legal name) that indicates the collateral as "All inventory and equipment of Frank's Motorcycle Shop," and "Susan B. Anthony dollar collection." Frank retains possession of all of the items of collateral.
In which item may XYZ Bank have an unperfected security interest?
1. Frank's Motorcycle Shop's inventory
2. The Ferrari
3. The Susan B. Anthony dollar coin collection
4. Frank's Motorcycle Shop's equipment
5. None of the above (all of the security interests are properly perfected)