Describe what is happening at step 1 in the figure below.
Definitions:
Collateral
Property or assets that a borrower offers to a lender as security for a loan, which can be seized if the loan is not repaid according to the agreed terms.
Consumer Goods
Products and commodities that are bought and used by individuals and households for personal or household consumption.
Personal Purposes
Activities or objectives pursued for an individual’s own private, personal, or household reasons, as opposed to professional or business reasons.
Perfected Security Interest
A perfected security interest is a legal state where a creditor has completed all necessary steps to establish and maintain priority over other creditors concerning a debtor's asset.
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