Question & Answer: 3 Ni icolosi bought a diamond ring on credit from Rike-Kumber as an engagement pres- ent for his fiancée. He signed a p…..

3 Ni icolosi bought a diamond ring on credit from Rike-Kumber as an engagement pres- ent for his fiancée. He signed a purchase money security agreement giving Rike- Kumber a security interest in the ring until it was paid for. Rike-Kumber did not file a financial statement covering its security interest. Nicolosi filed for bankruptcy. The bankruptcy trustee claimed that the diamond ring was part of the bankruptcy estate because Rike-Kumber did not perfect its security interest. Rike-Kumber claimed that it had a perfected security interest in the ring. Did Rike-Kumber have to file a financ- ing statement to perfect its security interest in the diamond ring?