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 Most Important Building in the World. This is what the people of Florence might have called the Duomo Cathedral in the 1400s. To them, it probably was the most important building in the world. Instead of competing with other major cities through football games, Italian cities tried to outdo each other's buildings. Whoever had the best buildings, won.