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D is corrent because it is clear in this case (evidenced by the treatment of the lease as a capital lease and as a sales-type lease by the lessee and the lessor, respectively) that a sale of the lathes is intended. If there is no agreement as to when title passes, then title passes when the seller completes performance with respect to the physical delivery of the goods. Thus, title to the lathes passed at the time Frey delivered the lathes to Tri Corp. and prior to the time Frey exercised the option.
A is incorrect because an enforceable lease may exist with or without the filing of a security agreement. The creation of a security interest is separate and independent of the underlying lease agreement and does not affect the enforceability of that lease agreement.
B is incorrect because Frey had an insurable interest in the lathes prior to exercising its option to purchase the lathes. Even if the transaction was merely a lease, and not intended as a sale, Frey as a lessee has an insurable interest in the leased property.
C is incorrect because only a purchase money security interest in consumer goods is automatically perfected. The lathes in this problem are to be used in Frey Products’ business.