Biafra is an African country which does not have a filing system similar to the Article 9 filing systems in the United States. Instead, creditors take on huge risks whenever they agree to lend money in exchange for a security interest because there is no system for tracking security interests and because debtors can be difficult to track down after they default. Thus, in Biafra there are few “secured transactions” taking place, and the government, sidetracked by wars with larger neighboring states, has taken little interest in establishing a filing system.

Debbie’s Diamonds is a thriving international diamond export company that is based in and incorporated under the laws of Biafra, and it exports diamonds to high-end merchants around the globe. In the United States, it has operated one main office for many years, which in turn has supplied five merchants in the entire country for the amount of same time. The main office is located in New York City, and its merchants are located in New York, Los Angeles, Chicago, Las Vegas, and Miami. Neither the main office nor the merchant stores are permanent establishments or subsidiaries of Debbie’s Diamonds. They are all branch locations of Debbie’s Diamonds’ headquarters in Biafra.

Debbie’s Diamonds wants to expand its store in Las Vegas in order to attract high-roller gamblers who want nothing but the finest jewelry with large, colorless, practically-perfect-in-every-way diamonds. So, it approaches First Bank about securing a hefty $500,000 loan with its inventory. Where must First Bank file a financing statement in order to perfect its security interest in the inventory?

A. Biafra, because that is where the debtor is incorporated.

B. New York, because that is where the debtor has its main office in the United States.

C. Las Vegas, because that is where the secured property is located.

D. None of the above.