Creating a Security Interest – Overview: Discussions in Secured Transactions Podcast
This podcast provides an overview of the process by which a creditor attaches a security interest to collateral under Article 9 of the Uniform Commercial Code, thereby making it enforceable by the creditor in the event there are unmet obligations to the creditor (in most cases by non-payment of a loan by the debtor). The podcast reviews the requirements of security agreements and uses a series of examples to demonstrate when a security interest attaches. It discusses both written and oral security agreements.
On completion of the podcast, the student will be able to:
1. Describe the process by which a secured creditor could attach its security interest to collateral, thus making it enforceable against the debtor.
2. Identify the key elements of attachment: (i) value given; (ii) debtor having rights in the collateral and; (iii) satisfaction of one of the alternative conditions, most often having a security agreement signed by the debtor.