Boldon has sought to defeat the security interest pointing

Question

Gardner Bank loaned Holland Company $20,000 to purchase some inventory to resell in its store. Gardner had Holland sign a security agreement that listed as collateral all present and future inventory of Holland as well as the proceeds of any sales of the inventory. Later, Boldon Company, who was aware of Gardner's security interest, extended credit to Holland but Holland failed to pay back either Gardner or Boldon. Boldon has sought to defeat the security interest pointing out that Gardner never filled out a financing statement. Which of the following is correct?

1. Gardner has an enforceable security interest that is valid against Holland and has priority over Boldon's interests.
2. Gardner does not have an enforceable security interest valid against Holland or against Boldon.
3. Gardner does have an enforceable security interest valid against Holland but not valid against Boldon.
4. Gardner does not have an enforceable security interest valid against Holland but does have one valid against Boldon.