A creditor has a security interest in collateral, and becomes a secured party, if and when a security interest âattaches.â Under the UCC, a security interest generally does not attach unless three basic requirements are met. In simplest form, the requirements are that: value be given for the security interest.
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The Colosseum in Rome is perhaps the most recognized ancient site in the world. It was built as an amphitheatre and is regarded as an architectural wonder even today.