IL Bar Practice Questions - Illinois Bar Examination Exam

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A creditor takes a security interest in a debtor's equipment to secure a loan. To make the security interest enforceable against the debtor (attachment), which is generally required under UCC Article 9?

Value must be given, the debtor must have rights in the collateral, and there must be an authenticated security agreement (or possession/control) The creditor must record a mortgage in the county land records The debtor must publish notice in a newspaper The creditor must obtain a court judgment first

Correct Answer:

Value must be given, the debtor must have rights in the collateral, and there must be an authenticated security agreement (or possession/control)

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