What is the term for the type of agreement Michael had with ABC Electronics?

A) A pledged money interest.
B) A collateralized interest.
C) A purchase-money security interest.
D) A security perfection interest.
E) A cash deferred security interest.

Purchase-Money Security Interest

A security interest or claim on property that secures repayment of the money used to purchase the property, commonly seen in secured transactions.

Financing Statement

A document filed to give public notice of a security interest in personal property, securing payment or performance of an obligation.