Attachment gives a creditor an enforceable security interest in collateral. To be valid, a financing statement does not need to contain a description of the collateral. What secured debt is paid, the secured party does not need to file termination statement in all cases The security agreement determines most of the parties' rights and duties concerning the security interest. Default occurs most commonly when a debtor fails to repay the loan for which his or her properly served as collateral. After a default, and before a secured party disposes of the collateral a debtor cannot exercise the right of When two secured parties have perfected security interests in the same collateral generally the last to perfect has priority