A security agreement must be backed by a written record even if the creditor has possession of the collateral.

Name: A security agreement must be backed by a written record even if the creditor has possession of the collateral.
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Quizplus · Accepted Answer

A security agreement does not need to be backed by a written record if the creditor has possession of the collateral, as possession itself can serve as evidence of the security interest.

A Security Agreement Must Be Backed by a Written Record