Secured transactions

Question 1

Attachment

Answer 1

Gives the creditor rights against the debtor in the collateral.

Methods for attachment:

(1) (A) Debtor must authenticate a security agreement granting the creditor a security interest in the collateral the describes the collateral OR
(1) (B) Creditor must take possession or control of the collateral, AND
(2) The creditor gives value, AND
(3) Debtor must have rights in the collateral

Question 2

Perfection

Answer 2

Gives creditor rights against other creditors.

Methods for perfection:

(1) Filing, in the proper office, a financing statement that is authorized by the debtor in an authenticated record, OR
(2) Taking possession

Question 3

Consumer goods

Answer 3

Goods that are used or bought primarily for personal, family, or household purposes