Asked by ricardo Velazquez on Apr 30, 2024
Verified
When perfection by possession occurs, the parties must have a written security agreement.
Perfection
The series of legal steps a secured party takes to protect its right in collateral from other creditors that want to have their debts returned through the same collateral.
Possession
The act of having or holding property in one's control; this can range from ownership of land to possession of items or goods.
Security Agreement
An agreement in which a debtor gives a secured interest to a secured party.
- Identify the requirements for a valid security agreement under UCC.
Verified Answer
Learning Objectives
- Identify the requirements for a valid security agreement under UCC.
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