Nora loaned money to Susan and received a signed security agreement from Susan.What could Nora do to make sure she has priority as a creditor?

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Taking possession of the collateral is the best way to ensure priority as a creditor. This gives Nora physical control over the security and makes it difficult for anyone else to claim rights to it. Filing the security agreement may also help in establishing priority, but taking possession is a stronger option. Giving the security agreement to an attorney or storing it in a security deposit box does not offer any significant protection in terms of priority. The date of signing alone does not give Nora priority – it is possible that other creditors may have priority over her based on their actions in securing the debt.

Nora Loaned Money to Susan and Received a Signed Security