per·fect 1 /'pər-fikt/ adj: entirely without fault or defect: as
a: satisfying all requirements
failed to make perfect tender
b: free from any valid legal objection: valid and effective at law
having perfect title to the property compare imperfect
per·fect 2 /pər-'fekt/ vt: to complete or put in final conformity with the law: as
a: to make (an appeal) ready for transfer to an appeals court by satisfying procedural requirements
b: to put (one's security interest) in a position or status having priority over subsequently perfected security interests or unperfected security interests by taking statutorily prescribed steps to give notice esp. by filing a financing statement or taking possession of the collateral
was the first creditor to perfect its security interest in the debtor's collateral, and, thus, was the first in priority for the collateral — Commercial Bank v. Pride Furniture, Inc., 877 P.2d 1222 (1994) compare attach 3
vi: to make something (as a security interest) complete, in conformity with the law, or valid against third-party claims
per·fec·tion /pər-'fek-shən/ n
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.