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The bank's security interest has attached, but it has not perfected its
security interest. Typically in a closing for a secured loan, the
borrower executes and delivers the note and security agreement and then
the bank authorizes the release of the funds to the borrower. When the
funds are released, the bank's security interest has attached because it
has an executed security agreement describing the collateral and has
given something of value for the secured interest (the loan).
While the bank has a secured claim on the borrowers accounts receivable if there is a default on the loan, it has not perfected its security interest until it files the financing statement in the proper jurisdiction which would be the jurisdiction of incorporation of the corporation. Until it perfects its security interest, its claim against the accounts receivable will be subordinate to claims of other secured creditors who have perfected their security interest and it may lose priority to other creditors who perfected ahead of it.
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