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Source Embezzlement Embezzlement Showing the closest available flashcard practice.

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0 tracked cards Supplemental - Not MEE July 2026

A borrower grants a lender a security interest in the borrower's operating deposit account as original collateral. The lender files a financing statement but obtains no control agreement and is not the depositary bank.
Which statement is most accurate?

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Possession of the debtor's checkbook perfects a security interest in the deposit account. A deposit account cannot be collateral under Article 9. A security interest in a deposit account as original collateral is generally perfected by control, not ordinary filing. The security interest is perfected automatically if the deposit account balance exceeds the debt.

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