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This lecture focuses on the creation and perfection of secured transactions, essential for minimizing non-payment risk for sellers and lenders. Payments of debt can be secured by personal or real property, which serves as a repayment guarantee. If repayment fails, the property is forfeited to the lender. Secured transactions are fundamental to modern business and are governed by Article 9 of the UCC. The lecture will cover Article 9's terminology and operations, aiming to equip students with answers to key questions: the important definitions related to secured transactions, how secured interests are created, the meaning of perfecting a security interest, and the purpose of perfection.