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**ii) the secured party must ensure that “all steps required for perfection under this Act have been completed” (see below).
→a) Perfection
For a creditor’s interest in a good to be practically effective, s 35(1)(b) of the ''PPSA'' states that the interest must be “perfected”, whereby the creditor becomes a “secured” party. By virtue of s 19, a security interest must satisfy two conditions to be “perfected”:
*i) the security interest must have “attached” (see below); and
In general, attachment will ensure that the security interest is enforceable against the debtor, while perfection will protect the security interest against competing third party claims.
*i) value is given;
*ii) the debtor has rights in the collateral; and
*iii) except for the purpose of enforcing rights between the parties to the security agreement, the security interest becomes enforceable under s 10 (unless the parties specifically agreed to postpone the time for attachment in which case the security interest will attach at the time specified in the agreement).
=== 4. Methods of Perfection ===