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In this lecture, we explore the creation and perfection of secured transactions, which are vital for minimizing the risk of non-payment for sellers and lenders. Payments can be secured by personal or real property, serving as a guarantee of repayment; failure to repay results in the lender acquiring the property. The structure of secured transactions is governed by Article 9 of the UCC. Key topics covered include important definitions related to secured transactions, the creation of secured interests, the meaning of perfecting a security interest, and the purpose of perfection. By the end, you should understand these concepts thoroughly.