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Perfection

Perfection

Learn about the five main ways a creditor can perfect its attached security interest: filing a financing statement, possession of the collateral, control of the collateral, automatic perfection, and a state’s certificate of title system.

Transcript

Intro:

Learn about perfection.

In this lesson, we’ll learn the five main ways a creditor can perfect an attached security interest.

Perfection 

Recall that the two most important steps that a creditor  must take to create an enforceable security interest under Article 9 are attachment and perfection. This lesson is about the second step, perfection. Perfection isn’t so much about the secured creditor’s rights against the debtor as it is about the secured creditor’s priority relative to...