UCC Article 9 Secured Transaction Rules Practice Test

The debtor must consent in writing, the creditor must notify all other creditors, and the collateral must be appraised.

The secured party must take physical possession of the collateral and file with the county recorder.

The secured party must file a financing statement, give value, and obtain the debtor's signature.

Value must have been given by the secured party, the debtor must have rights in the collateral (or power to transfer rights), and the debtor must have authenticated a security agreement describing the collateral (or the secured party must have taken possession or control).