Summarize the two steps a creditor can take to protect their interest in collateral (creation of a security interest and perfection) as discussed in Chapters of the textbook. Then, review the “Your Guide to Secured Transactions Filings in Ohio” document located here and describe how the information provided in this guide can be of benefit to you personally or professionally in at least three ways. Your response should include specific, relevant examples and properly cite information from both the textbook and the “Your Guide to Secured Transactions Filings in Ohio” document. What are the steps that a creditor must take to become a secured party? In order to become a secured party, one must (i) prepare a document which grants a security interest (which is the agreement between the parties) and (ii) also perfect on that security interest (which is the notice to the world of the security interest). Without both steps occurring, the lender will be unsecured.
