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To establish a security interest under the new law, a security agreement is required. Traditionally, this was viewed as a charge or mortgage, but it now encompasses any written agreement, including electronic forms. This can involve contracts or terms outlined on websites, with parties indicating acceptance through methods like emails or clicks on "I agree." It is essential that the security agreement is documented, but it does not have to be a physical paper document. The agreement must be identifiable through an action or communication that signifies the parties’ consent to the terms governing their relationship.