For attachment to occur what must happen

O There must be a pledge (possession of the collateral) or security agreement (an agreement which is a bargain by the parties, by language, inference, course of performance, or dealing or trade that creates or provides for a security interest which is an agreement in personal property or fixtures which secures payment or performance of an obligation)  Pledge is when you have an oral promise to loan 5000 and you take possession of an item that will secure the payment o Lender gives value  Gives value if the person acquires them in return for a binding commitment to extend credit, as a security for a pre-existing claim, or by accepting delivery under pre-existing contrct for purchase, or for any consideration (consideration) o The debtor must have rights in the collateral  Not defined – thief cannot give good title but if have legal possession you can (Osterman v Pawn brokers)  Jerke Construction v Home Federal (bulldozer case) – only had naked possession so didn’t have rights in because didn’t do anything that would show ownership or didn’t own it so they didn’t have rights in the property