Security Agreements: Discussions in Secured Transactions Podcast
The topic of this podcast is when a security agreement is sufficient to enable it to attach a security interest to collateral under Article 9 of the Uniform Commercial Code, thereby making it enforceable by the creditor in the event that there is a default by the debtor (in most cases non-payment of a debt). This podcast focuses on the elements required for enforceability of a security interest under UCC Section § 9-203(b) and the alternatives that satisfy the security agreement requirement under § 9-203(b)(3).
On completion of the podcast, the student will be able to:
1. Describe the process by which a secured creditor can 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 to the collateral; and (iii) proof of a security agreement by satisfaction of one of the alternative conditions.
3. Recognize the alternative conditions that satisfy the third element needed to attach a security interest, most often having a security agreement signed by the debtor.