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Identify what specific steps should be taken

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Fowler Bros. has applied to Gibralter Bank for a $50,000 loan for its business expansion. Suppose Fowler Bros. plans to use its account at Gibralter Bank as collateral. Discuss what the bank needs to do for a security interest to attach. 

Please respond to all of the following prompts: 

1.Identify what specific steps should be taken 
2.What step might be overlooked by an individual unfamiliar with secured transactions? 
3.Why is attachment a vital step in a secured transaction? 
4.How should the concept of perfection be considered? 
5.What is the difference between perfection and attachment? 
6.How are they related in this scenario?  

Reference no: EM13745490

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