ATTACHMENT

Question 1

Attachment

Answer 1

Process by which the security interest is created. Once a security interest has attached the secured party has all of the enforcement rights provided by Article 9, including the right to repossess the collateral upon the debtor’s default.

Security interest attache when:

1. the second party (lendor) gives value
2. the debtor has rights in the collateral
3. debtor has authenticated security agreement sufficiently describing collateral

Description of collateral by UCC is sufficient unless the collateral is consumer goods and the transaction is a consumer transaction. A supergeneric description is not sufficient.

Question 2

After-acquired collateral

Answer 2

Collateral obtained after the security agreement is created. A security interest wiil attach to the after-acquire collateral if the agreement specifically says it includes acquired collateral