All of the following are elements of a security agreement except: ______.
A) identification of the parties involved.
B) a reasonable description of the collateral.
C) demonstration that the parties intended for the creditor intends to have a security interest.
D) statement of the amount of the debt.

Question

Quizplus · Accepted Answer

While a statement of the amount of debt is typically included in a security agreement, it is not an essential element. The other three elements listed (identification of parties, description of collateral, and demonstration of intent for a security interest) are necessary for a valid and enforceable security agreement.

All of the Following Are Elements of a Security Agreement