Creation of An Art. 9 Security Interest Flashcards
1
Q
3 Elements to Attachment
A
(1) Security Agreement
- When written
- An intent to create a security interest (no magic words)
- Authenticated (signed but even a symbol)
- Description that “reasonably identifies”
(2) Value has been given
- Value is like consideration in K (even past consideration is enough value)
- Did the Secured party give value?
(3) Debtor has rights in the collateral = Attachment, Security Interest; Rights
- Debtor cannot grant a contingent property if its doesn’t have rights
INSTANT the LAST OF 3 –> You have ATTACHMENT (whatever order)
