PA Bar Practice Questions - Pennsylvania Bar Examination Exam

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A creditor wishes to obtain a security interest in a debtor's inventory under UCC Article 9. To make the security interest enforceable against the debtor (attachment), which requirement must be satisfied in addition to value being given and the debtor having rights in the collateral?

The creditor must record a mortgage The debtor must be a corporation There must be an authenticated security agreement describing the collateral (or the secured party must take possession or control) The creditor must obtain a court judgment first

Correct Answer:

There must be an authenticated security agreement describing the collateral (or the secured party must take possession or control)

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