[Anonymous]

For a security interest to attach, the debtor must have rights in the collateral for a creditor to have a security interest, plus the secured party must confer value, and the secured party must have a signed security agreement in writing (or authenticated security agreement) or have possession of the collateral. If any of these elements are lacking, then there can be no valid security interest. Is the creditor and secured party the same thing?

[Anonymous]

Technically, no. It is not the same thing. A creditor is just someone who lend you something on credit. A secured party is someone who not only lend you something but secures their interest with collateral.

In that explanatory paragraph, the writer was somewhat using the two terms interchangeably, but is not the same thing.

[Author]

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