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Secured Transactions - Creation of a Security Interest

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is the contract between the debtor & the creditor and grants the creditor a security interest in the collateral. Private between the parties, not filed. Where the collateral is in the possession of the secured party no written security agreement is required by law, but If The property is to leave the creditors' control you create a security interest through 9-203. Requirements for Attachment : (a) Authenticated by the debtor (signed) & (b) Describe the collateral. THE DESCRIPTION ON THE SECURITY AGREEMENT CONTROLS
(1) Money = Possession Only (2) Goods, negotiable instruments, tangible chattel paper = Filing & Possession; (3) Accounts, general intangibles, commercial tort claims = Filing only; (4) Investment Property, electronic chattel paper = Filing and or control; (5) Deposit accounts letter of credit rights = Control Only