"Attachment" occurs when a secured party gives value,the debtor has acquired rights in the collateral,and:
A)the debtor has completed his obligation to pay.
B)the collateral is delivered to the borrower.
C)the debtor and secured party have an agreement.
D)Both (a) and (b), are correct.

Question

Quizplus · Accepted Answer

Attachment occurs when the secured party gives value, the debtor has acquired rights in the collateral, and the debtor and secured party have an agreement. Option A is incorrect because completion of the debtor's obligation to pay is related to the satisfaction of the debt, which is not necessary for attachment. Option B is incorrect because delivery of the collateral to the borrower is not a requirement for attachment.

"Attachment" Occurs When a Secured Party Gives Value,the Debtor Has