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0 tracked cards Supplemental - Not MEE July 2026

A debtor orally agrees to pledge a negotiable promissory note as collateral, and the secured party takes possession of the note. The secured party gave value and the debtor owns the note.
What is the effect of possession on Article 9 attachment?

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Possession automatically attaches a security interest in every asset the debtor owns. Possession eliminates the need for a debt or obligation. Possession of qualifying collateral pursuant to the debtor's security agreement can satisfy the evidentiary requirement, but value and debtor rights are still required. Possession is relevant only to real property mortgages.

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