With a binding agreement to extend credit, a secured party can obtain a security interest.

Name: With a binding agreement to extend credit, a secured party can obtain a security interest.
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A secured party can obtain a security interest in the collateral by entering into a binding agreement to extend credit, provided that the agreement sufficiently describes the collateral and the debtor has rights in the collateral or the power to transfer rights in the collateral to the secured party.

With a Binding Agreement to Extend Credit, a Secured Party