Fowler Bros. has applied to Gibralter Bank for a $50,000 loan for its business expansion. Suppose Fowler Bros. plans to use its account at Gibralter Bank as collateral. Discuss what the bank needs to do for a security interest to attach.
Please respond to all of the following prompts:
1.Identify what specific steps should be taken
2.What step might be overlooked by an individual unfamiliar with secured transactions?
3.Why is attachment a vital step in a secured transaction?
4.How should the concept of perfection be considered?
5.What is the difference between perfection and attachment?
6.How are they related in this scenario?