Security Interest - Case Study Example

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The paper "Security Interest " highlights that the enforceable security interest is a security agreement that becomes effective in order to create a security interest in the person’s property which is Edie’s car in this case. Frank can make other creditors know that he has an interest in the car…
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Security Interest
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Extract of sample "Security Interest"

Frank has an enforceable security interest since the loan of 500 given to Edie is a security interest that attaches to collateral of Edie’s car which becomes enforceable against the debtor with respect to the collateral, unless the agreement that has been signed does not mature or postpones the time of attachment. A security interest can be termed as enforceable against the debtor with respect to collateral if the debtor has the rights in the collateral which in this case is the car and has the power to transfer the rights in the collateral to the secured party. This security can be regarded as enforceable if the value has been given and the debtor has authenticated a security agreement that offers a description of the collateral which is a car. The collateral is certified security and the security certificate is in the possession of the secured party who is this case is Frank under the RCW 62A.8-301 pursuant to the debtor's security agreement. Read More
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