Required information 2. Secured Transactions Secured Transactions Before beginning this activity, review LO 30-2 and L.O 303 in your text. Be sure to review how secured transactions are formed, and the different means of perfection that arise after a debtor is in default on a secured transaction, including: perfection by filing. perfection by possession, automatic perfection, and the perfection of motor vehicles. Article 9 of the Uniform Commercial Code (UCC) governs secured transactions in personal property. A secured transaction is a transaction in which the payment of a debt is guaranteed by personal property owned by the debtoc, As of 2009 , with some variation, all states had enacted Article 9. Thus, while the law governing secured transactions is state law, the universal adoption of Article 9 permits us to discuss laws regarding secured transactions across state lines. 2a. Secured Transactions 1 Roll your cursor over the terms to reveal an explanation of each. Then, drag the terms to create an accurate timeline for how a creditor becomes a secured party