ND Bar Practice Questions - North Dakota Bar Examination Exam

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A bank lends money to a business and takes a security interest in the business's equipment, signing a security agreement. To make the security interest enforceable against the debtor (attachment) under UCC Article 9, which of the following is generally required?

Only that the bank file a financing statement That the debtor be a corporation Value given, the debtor has rights in the collateral, and an authenticated security agreement describing the collateral (or the secured party's possession/control) Notarization of the loan documents

Correct Answer:

Value given, the debtor has rights in the collateral, and an authenticated security agreement describing the collateral (or the secured party's possession/control)

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