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Creditor A agreed to loan Debtor D the money for the purchase of inventory. Debtor D signed a security agreement on October 1. Creditor A filed a financing statement on the goods on October 2. The inventory was shipped FOB place of shipment on October 5. When did the security interest attach?

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chamberlainuket

Answer:

October 5

Explanation:

The debtor must have an interest in the collateral in order for the security interest to attach, even when the paperwork is done in advance. The debtor here has an interest when the goods are shipped because in FOB place of shipment contracts title passes when the goods are placed in the hands of the carrier.

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