அதிகாரப்பூர்வ மொழிபெயர்ப்புDepartment of Government Printing-இலிருந்து, மாற்றமின்றி
(1)
A security right including a security right in the nature of a floating charge,attaches when-
(a)
the value is given;
(b)
the debtor has rights in the collateral or the power to transfer rights in the collateral to a third party; and
(c)
(i)
the debtor has signed an agreement that contains a description of the collateral sufficient to enable it to be identified;
or
(ii)
the collateral is in the possession of the secured party or any other person on behalf of the secured party.
(2)
Notwithstanding the provisions of subsection (1), where the parties to the security agreement have specifically agreed to postpone the time of creation, the security right shall attach at the agreed time.
(3)
A security right shall not be enforceable against a third party, unless it has attached in the manner provided for in subsection (1).