Explain three advantages described in the text associated with perfection by possession.

First, a secured party does not have to go through the hassle of filing a financing statement. Second, there is little chance that another party will loan money to the debtor relying on the collateral that another secured party possesses. Third, if the debtor defaults on the loan, the secured party already has possession of the collateral, so there is no trouble in trying to repossess.