A New Mexico essay presents a secured creditor who perfected a security interest in a debtor's equipment by filing a UCC-1. The debtor later files Chapter 7 bankruptcy. What is the creditor's status?
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A
Unsecured creditor because bankruptcy eliminates all security interests
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B
Secured creditor entitled to the value of the collateral up to the debt owed
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C
Secured creditor entitled to full payment before the bankruptcy estate is opened
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D
Unsecured creditor because personal property cannot be collateral in bankruptcy