Write a security agreement in which your friend gives you a security interest in her $20,000...

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Write a security agreement in which your friend gives you a security interest in her $20,000 home entertainment system, in exchange for a loan of $12,000. Because the collateral is something that she uses daily, what special concerns do you have? How will you protect yourself? Next, find the UCC1 financing form online. Print the form, then complete it. In what office of your state should you file in order to perfect? Look on the Web for your state's rules on exempt property. Compared with other states and the federal government, is your state generous or stingy with exemptions? In considering a new bankruptcy statute, Congress struggled mightily over this issue. What do you think is a fair exemption?