Attachment Flashcards
1
Q
Creation of security interest
A
Written security agreement (or possession/ delivery/control of collateral by secured party) + attachment
2
Q
Security agreement requirements
A
Must be in writing, contain a granting clause, description of the collateral, and be authenticated by debtor
3
Q
Attachment
A
Security interest attaches when elements exist simultaneously: secured party gives value, debtor has rights in the collateral, and debtor has authenticated security agreement
4
Q
Purchase money security interest
A
Happens if obligation is incurred: as all or part of the price of the collateral (seller financing), or value given to enable debtor to acquire rights/use of collateral, if value is so used (third-party financing)
