US Uniform Commercial Code Article 9 Secured Transactions 9-201-9-203-attachment: Make the security interest attach: value given, debtor rights in the collateral, and an authenticated security agreement describing the collateral (or possession, delivery or control under the agreement)

What does 9-201-9-203-attachment require?

A security agreement binds the parties on its terms and is good against creditors and against purchasers of the collateral, subject to consumer protection and other laws (section 9-201), and the location of title to the collateral is immaterial (section 9-202). A security interest attaches, and can be enforced against the debtor and third parties, once value has been given, the debtor holds rights in the collateral (or power to transfer them), and one of the evidentiary conditions is met: the debtor has authenticated (signed, in the 2022 wording) a security agreement that describes the collateral (and the land, for timber to be cut), or the secured party has possession, delivery or control of the collateral under the debtor's security agreement. Attachment to collateral gives rights to proceeds and supporting obligations, and a security interest in a secured right to payment carries the lien with it. Lenders verify each element at closing.