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Dealer borrowed from Credit Union and granted a security interest in three categories of collateral: a negotiable promissory note payable to Dealer, tangible chattel paper from equipment leases, and $20,000 in cash kept in a locked box at a third-party storage company. Credit Union filed a financing statement covering instruments, chattel paper, and money. Credit Union also took physical possession of the promissory note and the tangible chattel paper. For the cash box, the storage company signed a letter acknowledging that it held the box for Credit Union and would release it only on Credit Union's instructions.
Dealer later defaulted and argues that Credit Union perfected only by filing and that filing was ineffective for money. Credit Union argues that possession perfected the note, chattel paper, and cash, even though the cash was held by a third-party storage company.
Discuss which security interests were perfected, and by what method.