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Chapter 30 Secured Transactions 1 Assignment

Chapter 30 Secured Transactions  1 Assignment

Q 1) What steps are necessary in order to ATTACH a security interest? 2) Differentiate between the ATTACHMENT of a security interest and the PERFECTION of a security interest? 3) Diffrentiate between a PURCHASE MONEY SECURITY INTEREST and a NON PURCHASE MONEY SECURITY INTEREST 4) How does a creeditor normally PERFECT their security interest in debtor's collateral? 5) What is meant by AUTOMATIC PERFECTION? Can you provide examples of this?

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The first step would be to ensure that the security agreement must be authenticated in some manner or must be in writing (Clarkson, Miller & Cross, 2016). However, there must be a clear description of the subject of the collateral in the security agreement so that there can be authentication. The debtor must authenticate or show authentication by providing a valid signature on the security agreement.