A security agreement need not be in writing if the collateral is transferred to the secured...

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A security agreement need not be in writing if the collateral is transferred to the secured party True False

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Answer 1

Answer #1

Answer :- The statement given is true

A security agreement need not be in writing if the collateral is transferred to the secured party is the correct statement.

If collateral is not in possession of the secured party, Security agreement must be either written or authenticated and it must describe collateral.

In order to create a security agreement, there must be:

a writing
signed by the debtor
Containing a description of the collateral or the types of collateral.

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Answer 2

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