FB10.A security agreement need not be in writing if the collateral is transferred to thesecured party.
TB11.A purchase-money security interest in consumer goods is perfectedautomatically at the time it is created.
B12.A security interest can cover property in which the debtor has ownership orpossessory rights in the present or in the future.
TB13.When more than one party claims an interest in the same collateral, aperfected secured party’s interest has priority over the interest of most otherparties.
TB14.On a debtor’s default, he perfection of a security interest will not always protecta secured party against other third parties having claims to the collateral.
TB15.A buyer in the ordinary course of business takes the goods free from anysecurity interest created by the seller unless the security interest is perfected.
FB16.The debtor has the right to request a confirmation of the unpaid debt or list ofcollateral without charge every six months.
TB17.Any breach of the terms of the security agreement can constitute default.
TB18.The rights and remedies of secured parties are notcumulative—if a creditor isunsuccessful in enforcing rights by one method, he or she cannot pursueanother method.