Identifying the Facts and Issues To create a security interest in personal property that is not held by the lender, there must be a written security agreement that describes the personal property, also referred to as inventory . The secured party must give the debtor something of value, and the debtor must have rights in the property. When this occurs, the creditor's rights select answer , which gives the creditor an enforceable select answer . Assessment question To perfect a security interest in personal property, the lender may file a select answer . The purpose of this document is to give third parties public select answer the security interest. select answer interest has a higher priority than select answer interest in relation to personal property. Assessment question State Bank had a perfected security interest in the inventory, whereas Tunes Hut had no security interest in the inventory. Because of this, State Bank's claim did take priority over Tunes Hut's claim. Assessment question What If the Facts Were Different?