Perfection of a security interest is the act of establishing the secured party's rights ahead of the rights of other creditors.
A secured party under UCC Law is a person who obtains the benefit of a security interest created or provided under a security arrangement, whether or not there is a security obligation.
Security interest. Interest in collateral (eg, private property or equipment) to secure payment or performance of an obligation.
The collateral is interested in the proceeds when the collateralize transfers the proceeds to the collateral's property or when the collateral makes a financing statement on the proceeds.
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