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Flashcards in Security Interests Deck (2)
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1

Security Interest:
Creation

Requirements for attachment:
1. Writing signed by debtor (only) including description of collateral (unless creditor possession of collateral)
2. Secured party must give value
3. Debtor must have "rights" in the collateral

2

Security Interest:
Rights of Creditor

1. right to repossess
2. sell repossessed collateral
3. creditor is a secured creditor and has priority over other unsecured creditors
4. creditor has priority in bankruptcy over unsecured creditors
5. creditor has the right to perfect the security interest

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